Stablecoin issuer Tether told CryptoSlate that the firm would freeze any addresses linked to sanctioned entities.
This decision comes in response to reports indicating that some state actors were leveraging Tether’s USDT tokens to circumvent US sanctions.
A spokesperson for the firm said:
“Tether respects the Office of Foreign Assets Control (OFAC) SDN list and is committed to working to ensure sanction addresses are frozen promptly.”
Over the past year, the company has proactively frozen addresses, holding significant amounts of its digital assets involved in unlawful activities. For example, the firm froze 32 addresses holding $873,118.34 connected to illicit activities in Israel and Ukraine last year.
Tether’s CEO Paolo Ardoino said these actions reflect the firm’s commitment to establishing higher safety standards within the emerging industry.
Tether’s USDT is the largest stablecoin by market capitalization, with approximately $110 billion circulating supply.
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