Iran Uses USDT Stablecoin to Evade Sanctions and Fund Proxy Groups

A report by Senate Democrats has revealed that Iran extensively used the USDT stablecoin to evade US sanctions and fund its proxy organizations, including Hezbollah.

The report found that of over 800 sanctioned crypto wallets reviewed, about 84 percent used USDT as their main or exclusive asset. The Iranian regime had accumulated at least $507 million in USDT, according to the report.

Tether said it has helped freeze around $550 million in Iran-linked USDT this year. This comes as Washington tightens economic pressure on Tehran, aiming to cut off its funding arteries.