Senate report alleges Tether USDT facilitates Iranian sanctions evasion
CIE News ·
A Senate subcommittee report claims Iran used Tether's USDT for an estimated $2 billion in transactions to skirt sanctions, while Tether says it has aided $550 million in related asset freezes.
Democrats on the Senate Permanent Subcommittee on Intelligence published a report on Monday alleging that the Iranian regime utilizes Tether (USDT) to bypass global trade sanctions. According to CoinDesk, the lawmakers claim that Iran operates a cryptocurrency-based shadow banking network, with the government conducting an estimated $2 billion in USDT transactions over the past year. The findings assert that Tether has consistently lagged or failed in proactively restricting wallets tied to Iranian interests and groups such as Hamas.
Tether disputed the allegations in a blog post on Monday, stating that the company has assisted in freezing nearly $550 million tied to Iranian illicit finance. Chief Executive Officer Paolo Ardoino stated that Tether coordinates regularly with international and U.S. law enforcement agencies to identify and freeze illicit assets as regulatory scrutiny over stablecoins intensifies.