Tether Operations is the company behind Tether (USDT), which is the largest stablecoin by market capitalization. Notably, it announces on the test of Notabene’s crypto travel rule compliance product for cross-border stablecoin transfers.
Furthermore, USDT has a market capitalization of over US$70 billion. Then, also more than US$64 billion in 24-hour trading volume. Notably, this information is per CoinGecko data.
Recall, In July, the Financial Action Task Force (FATF) which is the global anti-money laundering (AML) and counter-financing of terrorism (CFT) standards setter. More so, they urges countries to implement travel rule requirements. Particularly, on virtual asset service providers (VASPs) “as soon as possible.”
Additionally, The travel rule will use crypto companies to share some customer information. Then, also a transaction over a certain threshold.
Lastly, Tether is to use Notabene’s product. So, this is to test sending other VASPs the required information.
Meanwhile, Tether notes it plans to integrate the product after successful testing.
Additionally, Leonardo Real, CCO of Tether explains better.
“Because the Travel Rule traditionally applies to financial institutions,..”
“we see this as an opportune moment to foster cooperation across traditional and digital…”
“channels in order to create better services for customers globally,”
So, Leonardo Real, CCO of Tether, says in a statement.
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