Elliptic Releases Industry First Due Diligence For Assessing Stablecoin Issuers
Elliptic Releases Industry First 'Due Diligence' For Assessing Stablecoin Issuers. Photo By Kevin Ku On Unsplash.
Elliptic has launched ‘Issuer Due Diligence’, a pioneering compliance solution tailored for banks, custodians, and asset managers dealing with stablecoins, according to the company’s press release. This diligence tool is designed to enhance risk management throughout the stablecoin engagement lifecycle, addressing the growing need for robust security in the digital asset space.
As stablecoins gain traction, the demand for effective compliance solutions has never been more critical, particularly in light of increasing regulatory adoption across different regions of the world. Elliptic, a digital asset compliance and security company based out of the UK, is leading the sector with a number of blockchain and crypto intelligence services available for financial institutions, banks, family offices and leading actors in the space.
Users of this product will be able to improve the security and counter-party risk of their stablecoin strategy by configurating their dashboards. Adding/removing individual profiles and wallet addresses in what Elliptic calls a ‘cluster analysis’, as well as get a broader overview of their historical and monthly transaction flows. Any illicit activity or suspicion thereof is likely to be highlighted, with incoming sanctions on specific issuers reported.
The Issuer Due Diligence solution offers comprehensive features to make issuing entities more visible, as well as the issuing and holding wallets involved. Clients of elliptic are able to better understand the reserve mechanisms and digital reputation of any official entities that will be providing stablecoin issuance and stablecoin management services.
Note: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct due diligence at all times.
This article has been partly researched and aggregated with the help of AI and does not pertain to be an exclusive story. For specific media and public information referenced, please find it below.
