Tether Challenges UN Report Alleging Its Role in Illicit Activities

The company defends its record, highlighting its collaboration with global law enforcement and its work in freezing over $300 million in recent months.

• Tether, the issuer of the world’s largest stablecoin USDT, has challenged a United Nations' (UN) report alleging its role in underground banking and money laundering in East Asia and Southeast Asia.
• The UN report stated that USDT, particularly on the TRON blockchain, has emerged as a popular vehicle for cryptocurrency-based money laundering.
• Tether has defended itself by highlighting its role in helping developing economies and its collaboration with global law enforcement, including the DOJ, FBI, and the United States Secret Service (USSS).
• The company has also highlighted its work with authorities, including the freezing of more than $300 million in the last few months.
• Tether’s USDT supply rose to an all-time high of nearly $90 billion in December 2023, but has been critiqued by S&P Global Ratings for being worse than rivals at maintaining its value at $1.

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