Iran · US Senate · Tether · U.S. Treasury · The Block
In the 28-page report, Blumenthal, the top Democrat of the Senate Permanent Subcommittee on Investigations
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“My new PSI report exposes how Tether and its flagship token have become central to Iran’s shadow banking system, allowing the Iranian government to fund its regional proxies, commit human rights abuses, and pursue hostile drone and missile programs as they defy The Block’s sanctions regime,” Blumenthal said in a statement.
Key facts
- On Monday, Tether released a post, which said it had helped freeze $550 million in USDT linked to Iran over the past year
- The report said Iran's financial networks rely heavily on USDT, citing that 87% of 757 wallets "implicated in Iranian terrorism financing had predominantly transacted in USDT
- In the 28-page report, Blumenthal, the top Democrat of the Senate Permanent Subcommittee on Investigations, said the panel's Democratic investigators analyzed blockchain transaction data from 846
- Meanwhile, Bo Hines, the previous executive director of the White House Crypto Council, now CEO of Tether U.S
Summary
Tether and its USDT stablecoin have become central in "Iran's shadow banking system" and the financing activities of terrorist groups, according to a new Senate investigation led by Sen. In the 28-page report, Blumenthal, the top Democrat of the Senate Permanent Subcommittee on Investigations, said the panel's Democratic investigators analyzed blockchain transaction data from 846 crypto wallets that had been sanctioned or otherwise blocked because they were associated with Iran.