Iran's Islamic regime using Tether cryptocurrency as 'financial lifeline,' US Senate report charges
The report found that 84% of crypto wallets that have been sanctioned by the US transacted in USDT, such as to help the Iranian government move money across its borders and support its currency.
According to a recent Senate report, Iran's Islamic regime has been utilizing Tether's cryptocurrency, USDT, as a crucial financial lifeline. Senate Democrats, led by Senator Richard Blumenthal, found that 84% of the 846 sanctioned crypto wallets traced to Iran were transacting in USDT. The report highlights how USDT has become central to Iran's shadow banking system, enabling the regime to fund various activities and move money across borders, despite US sanctions.
Blumenthal called for investigations by the Treasury and Justice Departments into Tether. In response, Tether CEO Paolo Ardoino stated that the company is committed to cooperating with the US government and supports freezing nearly $550 million in Iran-linked USDT. The report comes as the US has intensified sanctions against Iran following the military campaign launched this year.
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