Tether issued a strong statement expressing disappointment in a recent UN report that singled out the stablecoin USDT for its alleged involvement in enabling illicit financial activity. The report highlighted USDT’s role in money laundering while neglecting to mention its benefits for developing economies and emerging markets.
In their statement, Tether emphasized that the public nature of blockchains on which USDT operates allows for tracking of every transaction, making it an impractical choice for criminals. They cited over $300 million in funds frozen in recent months, showcasing their collaboration with law enforcement agencies to combat illegal cryptocurrency transactions.
The statement goes on to say that the UN analysis ignores USDT’s traceability and Tether’s proven track record of working with authorities to stop financial crimes. It encourages the UN to take a more proactive, collaborative approach to understand blockchain technology and how centralized stablecoins can actually improve anti-money laundering efforts.
Tether remains committed to promoting transparency and accountability in digital currencies. They have extended an invitation to the UN to engage in constructive dialogue, following the model of successful partnerships with agencies like the DOJ and USSS.
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