Tether shares letters with US lawmakers to amplify transparency stance

Stablecoin issuer Tether is looking to increase its crackdown on illicit crypto transactions by sharing its recent letters to members of the U.S. House Financial Services Committee.

Timeline of Tether

Tether, which claims to be the leader in innovative blockchain technology, has announced recently a “significant” collaboration with Bitkub Online Co., Ltd. (Bitkub Exchange), Thailand's cryptocurrency exchange (reportedly one of the most active in terms of crypto trading volume).

S&P Global Ratings assigned a "constrained" stability assessment to stablecoin issuer Tether (CRYPTO: USDT), raising concerns due to limited transparency in its reserve management and asset composition. What Happened: The firm's assessment of '4' reflects concerns over the lack of detailed information about the custodians, counterparties, or bank account providers of USDT's reserves.

Tether, the company behind the prominent stablecoin, has announced a significant policy shift in its approach to regulatory compliance and cooperation with law enforcement agencies. In a recent blog post dated December 9, Tether revealed its initiative to voluntarily freeze wallets associated with individuals or entities on the United States Office of Foreign Assets Control

Tether, the company responsible for the largest stablecoin in the cryptocurrency market, has taken a proactive step in its security measures by announcing a new wallet-freezing policy today. This initiative, decided on December 1, 2023, aligns with the U.S.

In a recent interview with Tony of Thinking Crypto, Ron Hammond from the Blockchain Association shed light on the evolving dynamics between Binance, Tether, and regulatory authorities in Washington, DC. The conversation primarily focused on the recent settlement between Binance and the Department of Justice (DOJ), and the ongoing concerns surrounding Tether.

Tether, the largest dollar-referenced stablecoin issuer by market cap, says it is working with El Salvador on its “Adopting El Salvador Freedom Visa Program.” The Visa program aims to attract individuals who will help boost the economy of the Central American country.

The market capitalization of Tether‘s stablecoin USDT has surpassed $90 billion. This indicates strong investor demand for stablecoins and the growth of their use in the digital economy.

Tether, the company behind the issuance of USDT, the largest stablecoin, has blacklisted more than 30 addresses that have received billions in USDT since their first use. According to blockchain intelligence firm Chainargos, the blacklisted addresses had received $161 million from Whitebit, a European exchange with Ukrainian roots.

In a bid to revolutionize capital raisings, Bitfinex and Tether launched ALT2611, a tokenized bond backed by Tether (USDT). However, two weeks after its debut, the result has been disappointing. With an initial goal of raising 10 million USDT, only a modest 15% has been achieved, equivalent to 1.5 million USDT.

Tether and Bitfinex, key players in the cryptocurrency arena, have taken a noteworthy step towards transparency by retracting their opposition to a Freedom of Information Law (FOIL) request in New York.