“350 million users carry out transactions with USDT, its issuer cooperates with 180 institutions in 45 jurisdictions. Such information was presented by Tether Limited. The company called the stablecoin it oversees “a cornerstone of today’s financial ecosystems.” According to the issuer, Tether is committed to consumer protection and regulatory compliance. This is reflected in the quarterly certifications from BDO and daily reports on the transparency of token provisioning. The company reminded […]”, — write: businessua.com.ua
350 million users carry out transactions with USDT, its issuer cooperates with 180 institutions in 45 jurisdictions. Such information was presented by Tether Limited.
The company named the stablecoin she oversees is a “cornerstone in today’s financial ecosystems.”
According to the issuer, Tether is committed to consumer protection and regulatory compliance. This is reflected in the quarterly certifications from BDO and the daily reports on the transparency of token provisioning.
The firm recalled cooperation with law enforcement agencies in many jurisdictions to assist in investigations and freeze wallets belonging to perpetrators.
The active fight against financial crimes is supported within the framework of the T3 Financial Crime Unit alliance and in partnership with firms such as Chainalysis.
Since the start of such work, Tether has blocked funds at ~1,850 addresses, returning more than $113.8 million, including $5 million associated with the Lazarus Group.
The issuer also contributed to the freezing of $1.86 billion stolen in various fraudulent schemes.
The company noted compliance with US sanctions by blocking wallets from the SDN list. According to its representatives, this distinguishes Tether from competitors, who resort to such practices only after receiving court orders.
KYC– and AML-programs are based on tools from Refinitiv World Check, Chainalysis and TRM Labs.
Tether noted its role in strengthening the position of the USD as the world’s main reserve currency. The firm is the 18th largest owner of US bonds in the world ($97.6 billion).
In regions like Latin America and Asia, where access to the US currency is often limited, USDT facilitates greater participation in dollar transactions.
The organization reminded about the stability of the token in conditions of market turbulence. This was confirmed in the context of the UST depeg in May 2022, when the issuer converted 10 billion USDT to fiat during the week (more than 12% of the supply at that time).
The company compared a similar one bankrupt with an episode surrounding Washington Mutual in 2008. Then the institution stopped its work after depositors emptied $16.7 billion of deposits in 10 days. Unlike TradFiUSDT is fully reserved, the organization explained.
The publication of such a report could be a response to an attack by Consumers’ Research.
We will recall that the latter accused Tether of a lack of transparency regarding its reserves in US dollars and drew an analogy with the situation that led to the collapse of FTX and Alameda Research.
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