Altcoin projects Tether and TRON announced today that they have joined forces with TRM Labs. Under this collaboration, they will combat illegal activity related to the use of USDT on the TRON Blockchain. To do so, they are creating the T3 Financial Crime Unit (T3 FCU), a groundbreaking initiative to foster public-private collaboration.
Altcoin projects Tether and Tron will collaborate!
A 2023 report by TRM Labs revealed a striking conclusion. According to it, the Tron Blockchain is home to about 45% of all illicit crypto volume. Now, Blockchain, founded by Justin Sun, has rolled up its sleeves to fight financial crime. It will work with TRM Labs and USDT issuer Tether in a task force created for this purpose. In his statement on the subject, Sun underlined the following points:
TRON was born out of the belief that technology can be used for good and to empower people around the world. By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place. It also sends a clear message that illegal activity is not welcome in our industry.
Most of USDT on the Tron Blockchain
The task force, called the T3 Financial Crime Unit (T3 FCU), will combat illegal activity involving USDT, the largest stablecoin on Tron. Data from Tether shows that there are 60.7 billion USDT on Tron. It also reveals that there is 53.9 billion USDT on the Ethereum Blockchain and 712 million USDT on Solana.
What will the cooperation of altcoin projects bring?
T3 FCU said it froze 12 million USDT linked to blackmail fraud and investment fraud. According to the statement, TRM Labs will use its intelligence suite to help Tron and Tether analyze Blockchain activities to detect suspicious patterns. TRM Labs representatives said that while the total volume of illegal crypto remains low, the goal is to reduce it to zero. Chris Janczewski, head of global research at TRM Labs, stated:
As the adoption of stablecoins continues to grow, it is critical that key industry players proactively enhance their capabilities to combat illegal activity and ensure a safe and secure environment.
Meanwhile, as you follow from Kriptokoin.com, in February Circle said it would stop minting USDC on Tron. Tether’s competitor cited its risk management framework for this. This new collaboration brings together the financial crime-fighting expertise of TRM Labs, a leading Blockhain intelligence company, the technical expertise of TRON, a leading global Blockchain and DAO, and the external investigations team of Tether, the largest company in the digital asset industry, to create a safer and more trusted crypto community for everyone.
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