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Tron, Tether, and TRM Labs have launched a new initiative called the T3 Financial Crime Unit (T3 FCU), aimed at combating illicit activities on the Tron blockchain, particularly those involving USDT (Tether). This initiative comes after a 2023 report from TRM Labs revealed that nearly 45% of illicit crypto transactions occurred on the Tron network. Tron, founded by Justin Sun, is working with Tether and TRM Labs to address these concerns and improve the security of blockchain technology.
The T3 FCU has already made strides by freezing $12 million in USDT linked to scams and fraud. The task force leverages TRM Labs’ advanced intelligence tools to detect suspicious blockchain activity, furthering their efforts to eliminate criminal use of USDT, the largest stablecoin, with $60.7 billion issued on Tron alone.
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TRM Labs’ head of global investigations, Chris Janczewski, emphasized that while the total volume of illicit crypto activity is still low, the goal is to eliminate it entirely. This partnership signifies a proactive approach as stablecoins like USDT see increasing adoption.
In contrast, Circle, a competitor of Tether, stopped minting its USDC stablecoin on Tron in early 2024, citing concerns about risk management. The launch of the T3 FCU shows that Tron is working to address these risks and clean up its blockchain environment.
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