U.S. Senate Investigation Reveals Iranian Regime Heavily Uses Tether Stablecoin

TechFlow reports that according to The Wall Street Journal on September 28, an upcoming report by the U.S. Senate Permanent Subcommittee on Investigations indicates that the vast majority of cryptocurrency wallets sanctioned due to ties with Iran are used for trading the USD stablecoin USDT issued by Tether.

The investigation shows that among more than 800 sanctioned crypto wallets, approximately 84% primarily or entirely use USDT. The Senate Permanent Subcommittee previously stated that its review of blockchain records, sanctions lists, and asset seizure notices revealed that the sanctioned wallets are mainly distributed across the Tron and Ethereum networks and have conducted USDT transactions.