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Tether Says It Helped Freeze $550M in Iran-Linked USDT
- On Monday, Senate Democrats on the Homeland Security and Governmental Affairs Committee's Permanent Subcommittee on Intelligence published a report alleging Tether's USDT stablecoin facilitates Iranian efforts to skirt international sanctions.
- Last year, Iranian interests conducted an estimated $2 billion in USDT transactions, with the report stating "USDT has become a significant financial lifeline within Iran's shadow banking network."
- Tether has "repeatedly failed" to block illicit wallets, the report claims, allowing terrorist organizations such as Hamas to shift from Bitcoin to promoting USDT.
- In a blog post Monday, Tether CEO Paolo Ardoino said the company supported nearly $550 million in "Iran-linked" freezes while maintaining coordination with United States authorities.
- The Senate investigation suggests "cryptocurrencies are actively undermining the attempts of the United States and its allies to prevent the Islamic Republic's regional terrorism.
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Iran evades US sanctions using scheme tied to Trump's commerce secretary: report
Iran has relied heavily on a dollar-pegged cryptocurrency issued by Tether to evade U.S. sanctions, according to a Senate report. The company has deep financial ties to the family and former firm of Commerce Secretary Howard Lutnick.The report from the Senate Permanent Subcommittee on Investigations, led by Sen. Richard Blumenthal (D-CT), found that Tether's USDT stablecoin has become a primary payment method for the Iranian regime and a source …
·Washington, United States
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Coverage Details
Total News Sources31
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
12%
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