Tether hires ex-Chainalysis exec to lead ‘economic analysis efforts’

Stablecoin issuer Tether has hired the former Chainalysis chief economist to help regulators understand how stablecoins are used in the real economy.

Stablecoin issuer Tether has revealed in a Monday blog announcement that it has hired Philip Gradwell, a former chief economist at Chainalysis, to lead the company’s “economic analysis efforts.”

According to the announcement, Philip Gradwell, who served as chief economist at Chainalysis for six years, will be tasked with “quantifying the Tether economy and communicating the ways Tether is used, to regulators and stakeholders.”

Gradwell stated that his work at Tether will aim to change the perception of stablecoins from a “mystery” to “understanding how digital assets are used in the real economy, and how USDT is supporting dollar hegemony.”

Tether CEO Paolo Ardoino commented on Gradwell’s appointment, noting that his expertise “will enable Tether to bring even further understanding to our indispensable role in supporting the dollar.”

Tether has consistently stressed its commitment to complying with compliance amid reports that bad actors are increasingly using stablecoins to evade sanctions or cash out illicit funds. The latest hire appears to underscore Tether’s dedication to regulatory compliance, even as it faces difficulties in maintaining its dominance in Europe.

As crypto.news reported earlier, USDT’s market share on centralized exchanges has dropped from 82% to 74% this year due to increased competition in the stablecoin market and the regulatory challenges posed by the Markets in Crypto-Assets (also known as MiCA) framework, which imposed strict rules on stablecoin issuers.