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Three major players in the crypto space are teaming up to prevent the improper use of USDT, the largest stablecoin by market cap.
Tether says in a new press release that it is teaming up with TRON (TRX) and blockchain intelligence firm TRM Labs to found the first-ever private sector financial crime unit dubbed the “T3 Financial Crime Unit (T3 FCU).”
“Tether, TRON and TRM Labs today announced they have joined forces to establish the T3 Financial Crime Unit (T3 FCU), a first-of-its-kind initiative aimed at facilitating public-private collaboration to combat illicit activity associated with the use of USDT on the TRON blockchain.
This novel collaboration brings together the anti-financial crime expertise of TRM Labs, a leading blockchain intelligence firm; the technical expertise of TRON, a leading global blockchain and DAO; and external investigations team at Tether, the largest company in the digital asset industry, to create a safer and more secure crypto community for all.”
According to the announcement, The T3 FCU has already frozen over $12 million in cryptocurrency funds linked to various scams.
As the largest stablecoin by market cap, USDT has become a medium for some illicit activity. The FCU is currently focused on cutting down illicit USDT transactions on TRON.
Says TRON founder Justin Sun,
“TRON originated with the belief that technology can be used for good and to empower people across the globe. By collaborating with TRM Labs and Tether, TRON is helping to ensure that blockchain technology is used to make our world a better place, and sends a clear message that illicit activity is not welcome in our industry.”
Earlier this year, Tether assisted the U.S. Department of Justice (DOJ) in recovering $5 million worth of USDT.
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