A report led by Senate Democrats, published Monday, found that Tether's USDT stablecoin has become a significant financial lifeline for Iran, according to the Wall Street Journal, Reuters and the Straits Times.
The report said USDT has been used as a tool for funding proxy organizations, including Hezbollah, according to the Straits Times and Reuters.
According to the Jerusalem Post, the report found that 84% of crypto wallets sanctioned by the US transacted in USDT, which it said helped the Iranian government move money across its borders and support its currency.
Tether, the company behind USDT, was not reported as having responded to the findings in the supplied material.
How each side covered it
Center
- Reported that a Senate Democrats-led report was published Monday.
- Said the report found USDT is a significant financial lifeline for Iran.
- Noted the report said USDT is used to fund proxy organizations including Hezbollah.
“Tether's USDT stablecoin has become a "significant financial lifeline" for Iran and a tool for funding proxy organizations, including Hezbollah, according to a report led by Senate Democrats, published on Monday.” — The Straits Times
Right
- Highlighted that 84% of US-sanctioned crypto wallets transacted in USDT, according to the report.
- Framed USDT as helping Iran's government move money across borders and support its currency.
“The report found that 84% of crypto wallets that have been sanctioned by the US transacted in USDT, such as to help the Iranian government move money across its borders and support its currency.” — The Jerusalem Post
Questions readers ask
What did the Senate report find about Tether's USDT?
The report, led by Senate Democrats and published Monday, found that USDT has become a significant financial lifeline for Iran and has been used to help fund proxy organizations including Hezbollah.
How is USDT allegedly connected to sanctions evasion?
According to the Jerusalem Post, the report found that 84% of crypto wallets sanctioned by the US transacted in USDT, including to help the Iranian government move money across its borders and support its currency.
Who produced the report on Tether and Iran?
The report was led by Senate Democrats, according to the Straits Times, and was published on Monday.
Why does this report matter?
It raises questions about whether a widely used cryptocurrency stablecoin is being used to circumvent US sanctions and fund groups like Hezbollah, according to the reports.
Sources · 4 outlet reports
- ReutersCenterTether USDT aids Iran funding, Senate report says
- The Straits TimesCenterTether USDT aids Iran funding, Senate report says
- The Wall Street JournalCenterExclusive | Senate Investigation Finds Rampant Use of Tether’s Stablecoin by Iranian Regime
- The Jerusalem PostRight-leaningIran's Islamic regime using Tether cryptocurrency as 'financial lifeline,' US Senate report charges