Tether Freezes $550M Linked to Iran's Central Bank Amid Wider Crypto Crackdown

Tether, the issuer of the stablecoin USDT, has frozen nearly $550 million in Iran-linked funds as part of its cooperation with U.S. authorities.

The freezes occurred between January and September this year, with more than $344 million being frozen in April and over $130 million in July.

Tether CEO Paolo Ardoino said the company has consistently demonstrated that USDT is not a haven for sanctioned actors or criminal networks, thanks to the transparency of public blockchains.