Tether CEO responds to US senator's report: Iran-related stablecoin transaction volume down 94%

PANews October 20 news: Tether CEO Paolo Ardoino posted on X platform that U.S. Senator Richard Blumenthal's "analysis" of the Tether sanctions report overlooked one point: since 2023, Tether has on average frozen relevant addresses 4 weeks earlier than the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury and Israel's National Bureau for Counter Terror Financing (NBCTF) formally designated sanctions, and in 99% of cases completed the freeze before Chainalysis flagged the relevant addresses. He stated that Tether's actions reduced Iran-related stablecoin transaction volume by 94%. Previously, on September 28, Blumenthal released a report by the U.S. Senate Permanent Subcommittee on Investigations, stating that among 846 sanctioned wallets involving Iran and its proxies, 84% used almost exclusively USDT for transactions, and sent letters to the U.S. Department of the Treasury and the Department of Justice requesting an investigation into Tether.