ChainCatcher report: Tether CEO Paolo Ardoino posted on X that U.S. Senator Richard Blumenthal’s “analysis” of Tether’s sanctions report overlooked one key point: since 2023, Tether has consistently frozen related addresses an average of four weeks earlier than the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Israel’s National Bureau for Counter Terror Financing (NBCTF) officially designated them as sanctioned, and in 99% of cases, Tether completed these freezes before Chainalysis flagged the addresses. He stated that Tether’s actions reduced stablecoin transaction volumes related to Iran by 94%. Previously, on September 28, Blumenthal released a report from the U.S. Senate Permanent Subcommittee on Investigations, claiming that 84% of 846 sanctioned wallets linked to Iran and its agents used almost exclusively USDT for transactions, and he subsequently sent letters to the U.S. Department of the Treasury and the Department of Justice requesting an investigation into Tether.
Tether CEO Claims 94% Drop in Iran-Related Stablecoin Volume
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Summary
Tether CEO Paolo Ardoino said Iran-related transaction volume dropped 94% since 2023, citing proactive address freezes implemented four weeks before sanctions. The move follows a Senate report showing that 84% of 846 Iran-linked wallets used USDT. Trading volume in these wallets has sharply declined as Tether faces increasing calls for investigation.
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