Tether, the company behind the world's largest stablecoin, is upping its transparency game. They've just brought on Philip Gradwell as head of economics. Gradwell, previously the chief economist at Chainalysis, will be crunching numbers on USDT usage.
His main job? Explaining USDT's role to regulators and stakeholders. It's a big task. USDT's daily trading volumes are in the billions. In the last 24 hours alone, it hit $32.23 billion, according to Messari.
Gradwell's got his work cut out for him. He's aiming to shift the conversation. "Many people still view digital assets as a mystery," he says. His goal is to show how USDT is "supporting dollar hegemony" in the real economy.
The new hire comes at a crucial time. Tether's relationship with U.S. regulators has been a bit of a rollercoaster. In 2021, they coughed up $18.5 million to settle with New York's Attorney General. The issue? Allegations of misrepresenting USDT's backing.
But they're not all at loggerheads. Tether's been playing ball with the feds lately. They've even let the FBI onto their platform. In March, they helped the DOJ recover $1.4 million in stolen USDT.
Gradwell's role will be key in "enhancing communication with regulatory bodies," says Tether. It's a smart move. Government scrutiny has actually boosted USDT's market share. Talk about a silver lining.
Right now, USDT dominates 69% of the stablecoin market. Its nearest rival, USDC, is eating dust. DefiLlama puts USDT's current market cap at a whopping $112 billion.
Tether's clearly not messing around. They're bringing in the big guns to explain their coin's real-world impact. It's a savvy play in today's regulatory climate.
Will Gradwell's number-crunching satisfy the powers that be? Only time will tell. But one thing's for sure: Tether's not sitting on its hands.
For now, it's all eyes on Gradwell. Can he demystify USDT for the skeptics? That's the million-dollar question. Or should we say, the 112-billion-dollar question?