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COINTURK NEWS > Tether (USDT) > Tether Increases USDT Usage in Sanctioned Countries
Tether (USDT)

Tether Increases USDT Usage in Sanctioned Countries

In Brief

  • USDT usage rises in countries under sanctions like Russia and Iran.

  • Experts are assessing the potential impact on cryptocurrency markets.

  • Tether emphasizes transparency and compliance amidst regulatory scrutiny.

İlayda Peker
İlayda Peker 6 months ago
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The world’s largest stablecoin, USDT, is seeing a rise in usage in countries subjected to sanctions. According to a report by Bloomberg based on Chainalysis data, the adoption rate of USDT is increasing in major cities across Eastern Europe, the Middle East, and Africa. Notably, Russia and Iran, which face significant sanctions, are among the regions witnessing this growth.

Contents
Rising Usage PatternsResponse from Tether

Rising Usage Patterns

Data from January 1 to October 8 of this year shows a remarkable increase in new uses of digital wallets containing USDT. Usage is particularly high during late mornings and early afternoons in cities like Moscow, Tehran, Kigali, and Istanbul. The activity during these times indicates that USDT may be increasingly adopted in these areas.

However, crypto analysis firms point out that this increase in USDT usage does not necessarily imply a direct rise in interest in USDT within sanctioned countries. An official noted that crypto wallets can be used worldwide at any moment, suggesting that it may not be entirely accurate to attribute this usage solely to sanctions.

Response from Tether

Tether CEO Paolo Ardoino stated, “As Tether, we regularly collaborate with law enforcement to prevent the misuse of USDT. If an investigation as claimed in the article were occurring, we would have been contacted. Therefore, we confirm that these claims are false.” Ardoino emphasized Tether’s ongoing commitment to transparency and compliance.

This statement comes amidst reports of U.S. regulators initiating an investigation into Tether for allegedly violating anti-money laundering and sanction laws. Some reports indicate that the Treasury Department is considering sanctioning Tether due to the widespread use of USDT among sanctioned entities.

The increase in USDT usage is being closely monitored by market observers. Experts are assessing how this development might impact cryptocurrency markets. While there are indicators suggesting a higher use of USDT in sanctioned countries, it remains unclear whether this reflects a definitive adoption. Future developments could influence regulatory practices and user behaviors.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 4 November, 2024 - 12:06 pm 4 November, 2024 - 12:06 pm
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