Tether CEO disputes Senate subcommittee report on Iran-linked stablecoin volumes
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
Tether CEO Paolo Ardoino disputed a Senate report on Iran sanctions compliance, stating proactive wallet freezes contributed to a 94% decline in Iran-linked stablecoin volumes.
Tether CEO Paolo Ardoino pushed back against a Senate Permanent Subcommittee on Investigations report accusing the firm of acting as a lifeline for Iran's shadow banking network, according to CoinDesk. Ardoino stated that Tether freezes suspicious wallets an average of four weeks prior to official designations by OFAC and Israel's NBCTF, and ahead of Chainalysis labels 99% of the time. According to Ardoino, these proactive measures have driven a 94% decline in Iran-linked stablecoin volumes since 2023. Speaking at DC Fintech Week, Ardoino also criticized lawmakers for distributing the report to the media before Tether had an opportunity to review it.
Key facts
- 94% decline in Iran volumes
- 4-week OFAC/NBCTF lead time
- 99% freeze rate before labels
- Senate subcommittee report