Tether Hires Chainalysis\' Former Chief Economist as New Head of Economics

Tether might be the biggest player in the stablecoin sector, but they haven't gone without controversy. The team's flagship coin, USDT, has repeatedly come under fire from several in the community due to lack of transparency over audits and reserve figures.

Stablecoin issuer Tether has announced the appointment of Chainalysis’ former Chief Economist, Robert Gradwell, as its new Head of Economics.

Gradwell will spearhead discussions with US regulators and enhance communication with stakeholders as part of Tether’s commitment to authorities.

The move comes amid increasing regulatory scrutiny of the digital assets sector, with stablecoins boasting a nearly 70% market dominance (in terms of volume).

Gradwell will also play a role in shifting the conversation around digital currencies and demonstrating how their adoption can coexist with traditional financial structures.

Tether has faced several controversies in the past, including a lack of transparency over audits and reserve figures. The company has also been accused of minting USDT without sufficient backing on several occasions.

In a move to address these concerns, Tether has hired Gradwell, who is expected to use his expertise in digital assets and economics to enhance Tether’s communication with regulators and other stakeholders.

Gradwell will also work on shifting the conversation around digital currencies and demonstrating how their adoption can exist alongside traditional financial structures.

Tether’s CEO, Paolo Ardoino, expressed enthusiasm about Gradwell joining the company, highlighting his deep understanding of the digital assets landscape and his ability to convey complex topics clearly.

“We are thrilled to have Robert join our team. His deep understanding of the digital assets landscape, coupled with his ability to convey complex topics with clarity, will be invaluable to Tether as we continue to engage with regulators, partners, and the broader community,” Ardoino said.

Gradwell's appointment comes at a time when the US is finally embracing the digital assets sector, with several ETF applications being approved by the SEC this year.

However, this newfound acceptance also brings with it a compromise, as the world’s largest crypto market is now subject to greater oversight and enforcement from local and national regulators.

With stablecoins boasting a nearly 70% market dominance (in terms of volume), there may not be a more important sub-sector for regulators to manage.

Gradwell will play a pivotal part in enhancing communication with regulatory bodies and stakeholders as part of Tether’s new commitment to authorities.

Another interesting move by Tether earlier this year was allowing the FBI into their inner circle, which resulted in the reclamation of US$1.4m (AU$2.08m) of lost (or stolen) USDT.

Gradwell also intends to shift the conversation around digital assets, demonstrating how their adoption can exist alongside traditional financial structures.

“I am excited to join Tether and contribute to the team’s efforts in shaping the future of digital assets. Stablecoins play a crucial role in the digital economy, and I look forward to working with Tether to enhance communication with regulators and other stakeholders, and to shift the conversation around digital currencies, demonstrating how their adoption can exist alongside traditional financial structures,” Gradwell said.

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