Tether: Senator's investigation misses positive work that's led to lower Iran volumes
Summary
Tether CEO Paolo Ardoino disputed a Senate Democratic report alleging the stablecoin issuer provided financial support to Iran’s shadow banking network. He said Tether froze suspicious wallets an average of four weeks before U.S. and Israeli sanctions designations, and claimed its actions helped cut Iran-linked stablecoin volumes by 94%. Ardoino criticized the report’s release before Tether could respond and said the company is working to remove bad actors from USDT. The report focused partly on earlier years, alleging Tether had not comprehensively frozen flagged wallets and that terrorist groups shifted toward USDT. Senator Richard Blumenthal is also examining Tether’s relationship with U.S. financial partner Cantor Fitzgerald.
