Iran Uses Tether Stablecoin to Evade Sanctions

A US Senate investigation has exposed Iran's reliance on Tether's USDT stablecoin to evade sanctions and finance proxy groups, including Hezbollah.

The report found that 87% of sanctioned Iranian wallets transacted exclusively or almost exclusively in USDT, with a total transaction volume of over $7.78 billion in the past year.

Tether USDT has enabled Iran's underground banking system to move money outside the SWIFT and banking systems and circulate it to contacts.

The investigation handed evidence to the Justice Department and Treasury department as part of 'Operation Economic Outcast' fighting the fallout of Iranian strikes earlier in the year.