Blockchain analytics firm Elliptic has introduced a new tool capable of tracking the movement of stablecoins such as USDT and USDC across multiple blockchains. The tool aims to assist major financial institutions and stablecoin issuers in better auditing their wallets and monitoring assets. Several large banks have already begun adopting this tool, which is available for use by all stablecoin issuers. According to Elliptic, USDT circulates most heavily on the Tron and Ethereum blockchains. The report also highlights that criminals often use stablecoins to mitigate currency risks. Most stablecoin issuers have the ability to freeze or blacklist specific addresses on their networks. Last year, Tron, Tether, and TRM Labs collaborated to freeze assets exceeding $250 million linked to criminal activities. This tool is expected to enhance transparency for financial institutions and regulators within the cryptocurrency space, marking a positive step against the rising fraud and illicit activities in the industry. The growing popularity of stablecoins and their increasing role in the financial system further emphasize the importance of such advanced tracking tools. In the future, tools like this could help make the crypto market safer and aid in preventing financial crimes; however, it is crucial for users and financial institutions to adopt this technology effectively and exercise caution to maintain the integrity of the financial system.
Source: binance
