Senate Probes Iran's Heavy Dependence on Tether's USDT Stablecoin

A Senate investigation has found that Iran relies heavily on Tether's USDT stablecoin to bypass U.S. sanctions and reach the international financial system.

The findings, led by ranking member Sen. Richard Blumenthal, show that 84% of more than 800 sanctioned Iran-linked crypto wallets used Tether's USDT exclusively or predominantly.

Tether has helped freeze about $550 million in Iran-linked USDT this year, according to the company.