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Tether CEO Paolo Ardoino said on X that Iran-linked stablecoin trading volume has fallen 94%, arguing the decline followed Tether’s early freezing of related wallet addresses.
Referring to a report released late last month by Sen. Richard Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations, Ardoino said the report missed a key point: since 2023, Tether has frozen related wallet addresses an average of four weeks before U.S. and Israeli authorities formally announced sanctions targets. Ardoino also said 99% of the wallet addresses frozen by Tether had already been blocked before blockchain analytics firm Chainalysis classified them as high-risk addresses.
Earlier, Blumenthal said a report found 84% of 846 crypto wallets linked to Iran and sanctioned by the U.S. and Israel handled all or nearly all of their transactions in Tether’s USDT. He also sent a letter to the U.S. Treasury Department and the Justice Department requesting an investigation into Tether.