- The company says that stablecoins have been vital in the innovation and construction processes of decentralized financial systems in recent years.
- However, it complained about the current limitations to be able to expand the coverage and inclusion of broad social sectors forgotten or abandoned by the banks.
- The USDT issuer said that it continues to closely support authorities around the world in preventing criminal activities through the blockchain network.
Tether Ltd., the issuer of the world’s largest stablecoin by market capitalization, said it has so far supported all legal proceedings in the United States related to investigations and inquiries, but advocated greater financial freedom and inclusion.
The company said stablecoins are a very powerful tool to promote financial inclusion globally. It stressed that thanks to them billions of people around the world have access to financial services, since otherwise they would not be able to access “dependable monetary and financial services”.
Likewise, it highlighted the role of stable currencies in the innovation and construction processes of decentralized financial systems in the last five years. “Stablecoins open up previously closed financial markets and provide tools for global financial freedom,” it said in a blog post.
Support for the fight against crime and terrorism
The company referred to the “close collaboration” it has provided to law enforcement in many countries to support investigations related to the use of cryptocurrencies in criminal activities or to prevent “crime, terrorism, and critical threats to national security.”
It said that so far, Tether has helped freeze just over $360 million in assets, of which $101 million has either been reissued or is planned to be reissued. In fact this week the company froze three addresses on the Ethereum (ETH) blockchain, which contained deposits totaling 8.2 million USDT.
Tether revealed that it is capable of tracking suspicious movements of USDT and freezing cryptocurrency tokens as criminals carry out illegal operations. In this way, it complies with law enforcement procedures and supports the respective investigations.
Praise and demands
For this, it said, several prosecutors from the US Department of Justice and cryptocurrency trading platforms have praised the company in recent times. It cited their involvement in high-profile cases of hacks and piracy of encryption platforms and protocols such as the Poly Network, where he promptly froze $33 million in USDT.
Likewise, after the attack suffered by Binance Smart Chain last week that involved the loss of $570 million, Tether was able to respond to the attack and freeze the assets in the USDT wallet of the attacker, the company specified.
However, the company insisted that the regulatory bodies of the countries need to expand financial freedom to allow the inclusion of broad sectors of society in the payment system. “This is even more critical where Tether is bringing financial freedom to communities and areas that banks have forgotten or gave up,” it said.
On the Flipside
- Despite its support for government security agencies around the world, the transparency of Tether’s financial balances continues to be questioned.
- The company has promised to keep its portfolio of funds backing USDT up to date. Also to reduce the holding of commercial papers that currently stands at about $50 million.
Why You Should Care
- Thanks to its presence on the Bitcoin and Ethereum blockchains, USDT trading accounts for about 80% of all Bitcoin transactions.
If you want to read more Tether-related articles, go to:
Tether (USDT) Launches New Version of Token on the Near Network
Tether (USDT) Defies Treasury’s Sanction, Says Freezing Tornado Cash Addresses Is Reckless