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

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

Stablecoin issuer Tether announced in a blog post on Monday that it has hired Philip Gradwell, 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 “measuring the Tether economy and communicating Tether usage patterns to regulators and stakeholders.”

Gradwell said his work at Tether aims to change the perception of stablecoins from a “mystery” to “understanding how digital assets are used in the real economy and how USDT supports dollar hegemony.”

Commenting on Gradwell’s appointment, Tether CEO Paolo Ardoino said his expertise “will bring Tether a greater understanding of our indispensable role in supporting the dollar.”

Tether has consistently emphasized its commitment to compliance amid reports that malicious actors are increasingly using stablecoins to evade sanctions or cash out illicit funds. The latest hire appears to underscore Tether’s commitment to regulatory compliance despite facing challenges in maintaining its dominance in Europe.

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