Tether CEO disputes Senate report, claims 94% drop in Iran-linked stablecoin activity

Tether CEO Paolo Ardoino has challenged a Senate staff report criticizing the company’s handling of Iran-linked wallets. In a post, he claimed Tether’s actions caused related stablecoin transaction volumes to fall 94%. The dispute is about whether the USDT issuer stopped sanctioned networks from moving funds on time. Ardoino claims there were early freezes, but Senate investigators are saying there were cases where money continued flowing before Tether blocked the addresses. Ardoino says Tether acted before sanctions According to Ardoino, since 2023, Tether has frozen the addresses concerned at least four weeks before formal designations by U.S.

Source: AMBCrypto