A new US Senate investigative report states that Tether and its stablecoin USDT have become central to the operation of "Iran's shadow banking system"—details are scarce, but the allegation is unambiguous.
A new US Senate investigative report has zeroed in on USDT, the world's largest stablecoin by market cap, and its issuer Tether.
According to The Block, the Senate investigation states that Tether and its stablecoin have become central to "Iran's shadow banking system." The wording itself is worth noting—not "involved in" or "linked to," but "central," meaning right at the core.
That's about all that's publicly available right now: the report exists, the allegation is clear-cut, but key details—how it actually works, the amounts involved, the timeframe, Tether's official response—haven't surfaced yet. For a company that's long operated in a regulatory gray zone while underpinning much of the crypto market's liquidity, any investigative report from the US Congress is a big deal, especially one that flatly calls its stablecoin "central" rather than some peripheral tool.
No further details or an official response from Tether have been made public yet. More to come as this develops.
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