Tether Strengthens U.S. Presence, Freezes $1.6M in USDT to Combat Illicit Activities
Tether, the issuer of the world's largest stablecoin, has taken significant steps to strengthen its position in the U.S. market while cooperating with authorities to combat illicit activities. Meanwhile, the stock market today has surged to new heights.
Tether has expressed its ambition to dominate the U.S. stablecoin market, a move that could significantly impact the stock market today. This ambition is accompanied by robust cooperation with law enforcement agencies. Recently, Tether froze over $1.6 million in USDT at the request of the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). This action was part of a broader effort to disrupt a money transfer network linked to the Gaza Strip and alleged terrorism financing.
Tether's commitment to combating illicit activities is evident in its track record. To date, it has blocked more than 5,000 wallets, with around half of these actions taken in coordination with U.S. agencies. The frozen USDT was associated with BuyCash, a platform that was previously flagged by U.S. authorities in a civil forfeiture case. This move is part of the Department of Justice's broader enforcement against assets aiding designated terror organisations.
In total, Tether has frozen over $2.9 billion in USDT linked to criminal activities. The company has demonstrated a proactive approach by reissuing the frozen funds to support lawful recovery efforts.
Tether's aggressive stance against illicit activities, coupled with its ambition to dominate the U.S. stablecoin market, signals a significant shift in the stock market today. Meanwhile, the stock market today has reached $2.36 trillion, with its circulating supply touching 19.89 million BTC. The cryptocurrency traded at $118,780, marking a 0.23% daily gain and a 24-hour volume of $72.86 billion.
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