Paolo Ardoino, CEO of Tether, pushed back on a US Senate subcommittee report dated September 28 that accuses the stablecoin issuer of being slow to freeze wallets tied to Iran and its proxies. The report titled “Tethered to Terrorism” analyzed 846 wallets sanctioned by OFAC or Israel’s counter-terror financing bureau and found that 84% transacted exclusively or nearly exclusively in USDT, with over $34.6 million leaving those wallets after seizure notices were published. Tether claims it froze addresses on average four weeks before official designations and contributed to a 94% decline in Iran-linked stablecoin volumes. The company said it froze nearly $550 million in Iran-linked USDT this year, bringing the total frozen to over $4.9 billion, including more than $2.4 billion connected to US authorities.
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