Key Takeaways:
- New Appointment: Tether hires Philip Gradwell, ex-Chainalysis, as head of economics to enhance USDT transparency.
- Regulatory Focus: Gradwell to engage with U.S. regulators, emphasizing USDT’s real-world applications and supporting dollar dominance.
- Commitment to Transparency: Following a settlement and increased regulatory scrutiny, Tether continues quarterly reserve reports and collaboration with the FBI and DOJ.
Tether has appointed Philip Gradwell, formerly of Chainalysis, as its head of economics to boost transparency in USDT usage.
Gradwell will analyze and report USDT data to regulators and stakeholders, focusing on its real-world applications and support for dollar dominance.
Philip Gradwell, Former Chief Economist at Chainalysis, Joins Tether as Head of Economicshttps://t.co/5HRhPhR3zK
— Tether (@Tether_to) July 15, 2024
Gradwell’s role involves engaging with U.S. regulators, where Tether has faced scrutiny, including a 2021 settlement with the New York Attorney General for $18.5 million over misrepresented collateral claims.
Tether has since committed to quarterly reserve reports and has cooperated with the FBI and DOJ on various matters.
Today I joined @Tether_to as Head of Economics. Tether is the digital asset with the greatest adoption & after 6+ years at @chainalysis, where I pushed forward the frontier of measuring digital asset activity, I’m thrilled to be diving into the use cases of crypto’s real economy
— Philip Gradwell (@philip_gradwell) July 15, 2024
This move comes as regulatory attention on crypto grows, increasing USDT’s market share to 69%, with a 24-hour trading volume of $32.23 billion and a market cap of $112 billion.
Gradwell aims to shift the conversation towards understanding digital assets’ practical uses and enhance communication with regulatory bodies.
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