Tether Accused of Serving as Lifeline for Iranian Regime

A new report from Senate Democrats has accused Tether of serving as a 'lifeline' for the Iranian regime. The report, which was obtained by CoinDesk, claims that the stablecoin's ties to the government have helped it avoid sanctions and maintain access to the global financial system.

The report states that Tether, which is issued by iFinex, a company owned by Brock Pierce, has been used to facilitate money laundering and evade US sanctions on Iran. The Senate Democrats' findings are based on an investigation into the use of cryptocurrencies in Iran and their potential impact on national security.

Tether's ties to the Iranian regime have been a subject of controversy for some time. The stablecoin was once held on FTX, which filed for bankruptcy last year, but most of Tether is now stored in 'commercial paper' - essentially IOUs issued by banks and other financial institutions.