Tether Freezes $550M in Iran-Linked Assets Amid Sanctions Concerns
Tether, the issuer of USDT stablecoin, has been cooperating with international law enforcement to freeze assets linked to sanctioned actors. According to Tether, this year alone, it helped authorities freeze over $550 million in Iran-linked USDT. This includes a significant amount frozen in April, when more than $344 million was linked to the Central Bank of Iran.
The company's efforts have resulted in the freezing of over $4.9 billion in assets globally, including more than $2.4 billion connected to US authorities. Tether CEO Paolo Ardoino stated that the company has consistently demonstrated that USDT is not a haven for sanctioned actors or criminal networks.
A report by Democratic investigators on the Senate Permanent Subcommittee on Investigations found that 84% of 846 crypto wallets sanctioned over ties to Iran had transacted exclusively or nearly exclusively in USDT. The findings prompted US Senator Richard Blumenthal to call on the Treasury and Justice departments to investigate potential sanctions violations.