Tether Cooperates in Freezing $550M in Iran-Linked Funds Amid U.S. Sanctions Efforts

Tether, the company behind the widely used stablecoin USDT, has cooperated in freezing nearly $550 million in Iran-linked funds this year. The freezes are part of a broader effort by U.S. authorities to crack down on Iranian assets and those that help evade sanctions.

According to Tether's statement, the frozen funds were held in wallets linked to Iranian banks and networks involved in evading sanctions. This is not the first time Tether has helped freeze USDT balances in response to information from law enforcement agencies. In April, the company reported freezing over $344 million in USDT at two addresses. The move was based on intelligence provided by U.S. authorities.

More recently, in July, four wallets on the TRON blockchain had over $130 million in USDT frozen after being added to a list of sanctioned Iranian bank accounts. Tether has been working with law enforcement agencies from 67 countries and over 340 organizations.