💸 Iran, Tether, and an 84% overlap
USDT — the dollar-pegged stablecoin — was built for frictionless payments. A new Senate report says that friction-free quality works just as well under sanctions.
Sen. Blumenthal examined 846 wallets tied to Iran and its proxies: 84% used USDT almost exclusively — to stabilise Iran's currency, fund militant groups, and buy drones. Before 2024, Tether reportedly failed to consistently freeze flagged wallets.
Tether says it's frozen nearly $550 million in Iran-linked USDT this year and argues blockchains offer more transparency than cash. Blumenthal wants the Justice and Treasury departments to investigate anyway. The dollar Iran is officially cut off from keeps arriving — just tokenized, per The Verge.
Engadget
USDT — the dollar-pegged stablecoin — was built for frictionless payments. A new Senate report says that friction-free quality works just as well under sanctions.
Sen. Blumenthal examined 846 wallets tied to Iran and its proxies: 84% used USDT almost exclusively — to stabilise Iran's currency, fund militant groups, and buy drones. Before 2024, Tether reportedly failed to consistently freeze flagged wallets.
Tether says it's frozen nearly $550 million in Iran-linked USDT this year and argues blockchains offer more transparency than cash. Blumenthal wants the Justice and Treasury departments to investigate anyway. The dollar Iran is officially cut off from keeps arriving — just tokenized, per The Verge.
Engadget