Senate Report Alleges Iran Uses Tether's USDT to Evade Bank Sanctions

A Sept. 28 report from the Senate Permanent Subcommittee on Investigations, led by Sen. Richard Blumenthal, alleges Iran uses Tether's USDT — a dollar-pegged cryptocurrency — as a 'significant financial lifeline' in its 'shadow banking network' to evade bank sanctions. It found 84% of 846 sanctioned Iran-linked crypto wallets used USDT exclusively or almost exclusively.