Tether Hits Back at UN Report Alleging Role of USDT in Illicit Activity in East Asia
Tether, the issuer of the largest stablecoin USDT, has disputed a United Nations (UN) report that implicates USDT in underground banking and money laundering in East and Southeast Asia. The UN Office on Drugs and Crime (UNODC) report identified online gambling platforms as popular vehicles for cryptocurrency-based money laundering, particularly those using Tether or USDT on the TRON blockchain. Tether expressed disappointment at being singled out and emphasized its role in aiding developing economies and its cooperation with law enforcement. The company highlighted its collaboration with the DOJ, FBI, and the United States Secret Service (USSS), and its freezing of over $300 million recently. The UN report acknowledged Tether's voluntary freezing of $225 million in USDT linked to human trafficking and pig butchering in Southeast Asia. Despite reaching a high supply of nearly $90 billion in December 2023, Tether's USDT has faced criticism over its core task of maintaining a value of $1.
