Tether, the issuer of the popular USDT stablecoin, has appointed former Chief Economist at Chainalysis, Philip Gradwell, as its Head of Economics. The decision is in line with its bid to further understand the usage of digital assets as well as the depth of their economic implications.
Gradwell comes into the picture with a wealth of experience, spanning over six years in blockchain analytics and product development at Chainalysis. At Tether, however, his role will be a little different. Here, Gradwell will be tasked with analyzing the real-world applications of digital assets, while also helping to improve regulatory engagement, as well as supporting Tether’s core mission of fostering a robust financial ecosystem.
Gradwell, who expressed his pleasure at the new appointment, says that his previous work is now all coming together. His part statement on the new role reads:
“I’m proud to have played a part in maturing digital assets to the point where, in Tether, there is a true economy to analyze and the data and knowledge to do so.”
Tether’s CEO, Paolo Ardoino, also heaped praises on Gradwell’s appointment. The executive chairman believes that the recruitment is a major deal for Tether, particularly considering how vital it will prove to its USDT stablecoin, and the US dollar in the long run. About the move, Ardoino was quoted as saying:
“This not only enhances the liquidity and stability of the US financial system but also reinforces the role of the dollar in global finance thereby supporting dollar hegemony.”
Tether (USDT) Continues to Dominate Stablecoin Market
Notably, Tether’s dominant position in the stablecoin sector is under no threat, as recent market data suggests. It has a market cap that surpasses $112 billion, holding no less than 69% market share, per DefiLlama data. Other than its commanding hold of the market, USDT has also started showing great prospects, even on other metrics. According to data from Artemis, it has overtaken its closest competitor, USD Coin (USDC), in on-chain transfer volume for the first time this year.
Gradwell’s appointment is set to boost Tether’s efforts in advancing digital asset adoption and strengthening communication with regulatory bodies. His expertise in the area of blockchain economics and regulatory compliance will come in handy as Tether continues to grab at the future
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