Elliptic Launches Due Diligence Tool for Stablecoin Transaction Monitoring

1 min

Stablecoins are increasingly used for transactions, including by criminals, due to their stability compared to volatile cryptocurrencies like Bitcoin. Key points include:

Stablecoins such as Tether's USDT and Circle's USDC have a 1:1 peg to the U.S. dollar.
Daily trading volume of stablecoins reached $94 billion.
Elliptic launched a due diligence toolset to track and analyze stablecoin transactions across blockchains.
Tool is utilized by several large banks but specific names remain undisclosed.
Tether leads with $168 billion in circulation, followed by USDC.
Regions like China and Southeast Asia show higher stablecoin activity, especially USDT on the Tron blockchain.
Most stablecoin issuers can freeze or blacklist wallets to combat illegal activities.
The T3 Financial Crime Unit has frozen over $250 million in criminal assets since its inception.
Elliptic’s tool offers a flexible dashboard, differing from traditional static blockchain analytics tools.