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Elliptic Launches Stablecoin Due Diligence Tool for Financial Institutions

The blockchain analytics firm introduces a platform designed to help banks and financial entities monitor illicit activities involving dollar-pegged stablecoins.

Summary

Blockchain sleuthing firm Elliptic has released a due diligence tool aimed at stablecoin issuers. The platform is intended to assist banks and financial institutions in identifying and tracking criminal activity linked to dollar-pegged tokens.

Terms & Concepts
  • Stablecoin: A cryptocurrency pegged to a stable asset such as the U.S. dollar to reduce price volatility.
  • Due Diligence Tool: A system or platform used by financial institutions to evaluate, monitor, and track compliance and risk factors, often applied to detect criminal activities.
  • Dollar-Pegged Token: A stablecoin that maintains its value by being linked directly to the U.S. dollar.