USDT Stablecoin Facilitates Iranian Funding Amid Sanctions

A Senate report published on Monday alleges that Tether's USDT stablecoin has become a key tool for Iran and proxy organizations like Hezbollah to move money across borders and fund activities.

The report, led by Senator Richard Blumenthal of Connecticut, analyzed 846 crypto wallets sanctioned by Israel and the US in connection with Iran. It found that 84% of these wallets transacted in USDT, including the Central Bank of Iran.

Tether's CEO Paolo Ardoino disputed the findings, stating that USDT is not a haven for sanctioned actors or terrorist organizations. However, Blumenthal called on the Treasury and Justice Departments to investigate Tether further.