Tether hires ex-Chainalysis economist Philip Gradwell as head of economics

Key Takeaways

• Philip Gradwell, former Chainalysis chief economist, joins Tether as Head of Economics.
• Gradwell aims to shift focus towards understanding digital assets' use in the real economy.

Tether has appointed Philip Gradwell, formerly Chief Economist at Chainalysis, as its Head of Economics. Gradwell brings over six years of expertise in analyzing digital asset use cases from his tenure at Chainalysis.

According to the announcement, his background in blockchain research, data science, product development, and regulatory engagement positions him to contribute to Tether’s mission of a future-proof financial and tech ecosystem.

“I’m proud to have played a part in maturing digital assets to the point where, in Tether, there is a true economy to analyze and the data and knowledge to do so,” said Gradwell.

Additionally, he aims to shift the conversation towards understanding how digital assets are used in the real economy, and how Tether USD (USDT) supports dollar hegemony.

“As the first and most widely used stablecoin, USDT conveniently and securely brings the US dollar to people globally,” stated Paolo Ardoino, CEO of Tether. “This not only enhances the liquidity and stability of the US financial system but also reinforces the role of the dollar in global finance thereby supporting dollar hegemony.”

Notably, the market cap of USDT surpassed $112 billion, representing a 69% domination over this sector, according to data aggregator DefiLlama. Moreover, USDT is overcoming its competitor USD Coin (USDC) in on-chain transfer volume for the first time in 2024, data from Artemis shows.

Stablecoins’ monthly on-chain transfer volume. Image: Artemis

Gradwell’s appointment underscores Tether’s commitment to advancing the understanding of digital asset adoption and enhancing communication with regulatory bodies and stakeholders.