Tether Freezes $550M in Iran-Linked USDT Amid Sanctions Evasion Concerns
Tether, the issuer of the popular stablecoin USDT, claims it has helped authorities freeze nearly $550 million in Iran-linked assets this year. The company says it worked closely with international law enforcement agencies to identify and freeze these funds.
The move comes as a Senate Democrat called for an investigation into Tether's practices, citing concerns that the stablecoin had become a key channel for Iran to evade sanctions. 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.
Tether CEO Paolo Ardoino said in a statement that the company's cooperation with authorities globally has resulted in more than $4.9 billion in assets being frozen, including more than $2.4 billion connected to US authorities.