Blockchain analytics firm Elliptic has added support for 87 more coins and tokens, including stablecoins, to its crypto transaction monitoring tool.
Announcing the news on Wednesday, Elliptic said it now covers over 97% of all crypto assets by global trading volume. All the new additions are ERC-20 coins and tokens.
Some of these additions include Binance USD, TrueUSD and Dai stablecoins. The firm has already been supporting Tether (USDT), Circle-Coinbase’s USD Coin (USDC), Paxos Standard (PAX), and Gemini Dollar (GUSD).
Elliptic's co-founder and chief scientist, Tom Robinson, told The Block that the firm focused on supporting the most used and traded ERC-20 coins, including the above U.S. dollar-pegged stablecoins.
“This is particularly significant at a time when global demand for U.S. dollars has driven stablecoin supply past $10 billion - a 70% increase since the beginning of February,” said Robinson.
As The Block reported last week, the total supply of stablecoins crossed the $10 billion mark for the first time ever, touching $10.4 billion on May 12. Tether continues to dominate the stablecoin market with over 85% share, followed by USDC, which has over 7% market share.
Elliptic’s addition of new coins means its clients, such as crypto exchanges and financial institutions, can now monitor transactions of these crypto-assets. This is to help them identify and prevent any illicit activities, such as money laundering, as well as to help them meet their regulatory requirements.
Binance, for instance, is one of Elliptic’s clients, and the exchange’s chief compliance officer Samuel Lim said, Elliptic’s support for BUSD will "help us to increase adoption for our stablecoin and maintain regulatory compliance.”
Elliptic's Robinson said the firm could add many crypto assets at one go because of its technology and processes that have automated data collection.
The news comes just days after Elliptic named the new CEO, Simone Maini, a former COO at the firm. Maini succeeded James Smith, who moved into the newly-created position of CTO.
Elliptic also went through layoffs recently, citing the economic challenges spurred by the coronavirus pandemic. The firm cut 30% of its workforce in the U.S. and the U.K. offices, representing 28 employees.
Maini recently told The Block that Elliptic is focused on expansion, particularly in the Asia-Pacific (APAC) region, and that the firm remains in a "strong" financial position.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.