$39M in Tether Frozen, Highlighting Centralized Control of Stablecoin

Tether, a leading stablecoin issuer, has frozen approximately $39.3 million in USDT across 10 TRON addresses linked to Xinbi Guarantee, an illicit cryptocurrency marketplace based in Southeast Asia.

Xinbi Guarantee emerged on Telegram around 2022 and has processed roughly $24.2 billion in cumulative transaction volume, according to blockchain analytics firm TRM Labs.

The freeze is part of a broader effort by Tether to cooperate with global law enforcement agencies, which has resulted in over $4.2 billion being frozen in USDT.