My stables, including $USDT , are in Simple Earn Flexible. So I read the Senate report on Tether and Iran more closely than I would’ve liked.
In short: Democrats on a Senate subcommittee say USDT has become a pillar of Iran’s shadow payments. Tether says that since 2023, it has frozen wallets an average of 4 weeks before OFAC, and in 99% of cases before Chainalysis flags them.
Sounds impressive. But that’s an average with no addresses, no time period, no data.
The report has specifics: Israel flagged 39 wallets in June 2023; by March 2024, Tether had frozen only 5 of them. More than $34.6 million leaked out.
Both things could be true: the “since 2023” average is exactly what hides old failures like these.
I’m not panicking or moving anything. I’ll believe the average when Tether shows the addresses for at least the nearly $550 million it has frozen this year.
What do you think: is freezing funds before sanctions are imposed protection, or an issuer’s abuse of power?
#Tether #Stablecoins
In short: Democrats on a Senate subcommittee say USDT has become a pillar of Iran’s shadow payments. Tether says that since 2023, it has frozen wallets an average of 4 weeks before OFAC, and in 99% of cases before Chainalysis flags them.
Sounds impressive. But that’s an average with no addresses, no time period, no data.
The report has specifics: Israel flagged 39 wallets in June 2023; by March 2024, Tether had frozen only 5 of them. More than $34.6 million leaked out.
Both things could be true: the “since 2023” average is exactly what hides old failures like these.
I’m not panicking or moving anything. I’ll believe the average when Tether shows the addresses for at least the nearly $550 million it has frozen this year.
What do you think: is freezing funds before sanctions are imposed protection, or an issuer’s abuse of power?
#Tether #Stablecoins