- The world’s most-traded cryptocurrency, USDT, is set for a shake-up after the parent company hired a new Head of Economics.
- Philip Gradwell spent over half a decade with Chainalysis as the team’s Chief Economist.
- Gradwell’s role will be to ensure Tether’s transparency, engage with US (and other global) regulators while also improving discussions around crypto’s role in the real-world economy.
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. In a move to amend this, the Fintech company has hired Chainalysis’ former Chief Economist as their new Head of Economics.
Related: Ethereum ETF Decision Postponed; Analysts Anticipate New Trading Date as Traders Grow Bullish
New Tether Head of Economics to Address Regulators
One of Gradwell’s primary roles will be entering discussions with US regulators, as one of the world’s largest crypto markets has slowly started to embrace the digital assets sector. Part of this newfound acceptance comes with a compromise – greater oversight and enforcement from local and national regulators.
And 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 came earlier this year when Tether allowed the FBI into their inner circle, resulting in the reclamation of US $1.4m (AU $2.08m) of lost (or stolen) USDT.
Gradwell Intends to “Shift Conversation” Around Digital Assets
Another of Gradwell’s important goals is to help reshape the public perception of digital currencies – particularly stablecoins – and demonstrate how their adoption can exist alongside traditional financial structures.
Related: Ethereum ETF Decision Postponed; Analysts Anticipate New Trading Date as Traders Grow Bullish
I’m proud to have played a part in maturing digital assets to the point where…there is a true economy to analyze and the data and knowledge to do so…Many people still view digital assets as a mystery…My goal at Tether is to shift this conversation towards understanding how digital assets are used in the real economy, and how USDT is supporting dollar hegemony.
Philip Gradwell, Head of Economy at Tether Tether’s CEO, Paolo Ardoino, was excited about the new hire.
…USDT conveniently and securely brings the US dollar to people globally…Philip’s expertise will enable Tether to bring even further understanding to our indispensable role in supporting the dollar.
Paolo Ardoino, Tether CEO
Source:
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