US Senator Urges Investigation into Tether Over Iran's USDT Use

Key Facts

Senator Richard Blumenthal has called on the U.S. Treasury and Department of Justice to investigate Tether following a report linking the stablecoin to Iranian sanctions evasion. Unchained Crypto reported that a Senate subcommittee report found that 84% of 846 flagged Iran-linked wallets operated almost entirely on USDT.

The report alleged that the vast majority of wallets used by Iran and its regional proxies for illicit activities utilized Tether's stablecoin more than any other cryptocurrency. These developments occur, adding to the regulatory scrutiny facing the world's largest stablecoin issuer.