Tether Fires Back at UN Over Negative Report on USDT

Tether, the issuer of the largest stablecoin by market capitalization, USDT, has fired back at the United Nations over a report wherein the intergovernmental organization recognized the stablecoin as a means of fraud. 

The firm said that it is “disappointed in the UN’s assessment” wherein it singled out USDT’s involvement in money laundering and digital asset scams. 

Tether is Disappointed

In an official statement Tether called out the UN, stating that the organization is “ignoring its role in helping developing economies in emerging markets, completely neglected by the global financial world simply because servicing such communities would be unprofitable for them.”

“Tether tokens, using public blockchains, make it possible to meticulously track every transaction, making it an impractical choice for illicit activities,” added the stablecoin issuer. 

Collaborations with Regulators

In the statement, Tether highlighted its collaborations with multiple regulatory authorities in the United States like the DOJ, FBI, and USSS noting that it has offered “unparalleled monitoring, surpassing traditional banking systems.” 

It stated that the traditional financial industry has been used for decades for laundering substantial money resulting in heavy fines. 

Tether Froze $300M in Past Few Months

The stablecoin issuer noted that it had frozen more than $300 million in the past few months alone while “showcasing our commitment to combating the criminal use of cryptocurrencies.” Tether also highlighted its partnership with Chainalysis for developing a tool for monitoring secondary markets. 

“The UN’s analysis ignores the traceability of Tether tokens and the proven record Tether has of collaborating with law enforcement,” added the firm. 

UN Singles Out USDT

As reported earlier by TheCoinRise, the UN singled out USDT as a means of fraud and scams in the Southeast Asian region. It noted that the stablecoin has been extensively used in underground fraud, including romantic scams known as “pig butchering.” 

The blockchain firm said that the “UN could benefit from an expanded understanding of blockchain technology and the immense improvements it offers with respect to fighting financial crime.”