Iran said to use Tether's stablecoin to bypass sanctions

 A United States Senate panel found that Iran has relied heavily on Tether's cryptocurrency as a payment method, which is believed to have been used to finance militant groups, The Wall Street Journal reported Monday, citing a report by the Senate Permanent Subcommittee on Investigations due to be released later in the day.

The Senate committee analyzed 846 transaction accounts and found that 84% of the wallets had conducted transactions exclusively using Tether's USDT stablecoin. Senator Richard Blumenthal told the Wall Street Journal that the investigation exposes how the token has "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."

Earlier this year, blockchain intelligence firm TRM Labs traced transactions linking wallets to the Central Bank of Iran that appeared to involve tens of millions of dollars worth of USDT.

https://breakingthenews.net/Article/Iran-said-to-use-Tether's-stablecoin-to-bypass-sanctions/67188770