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Home»ADOPTION NEWS»Tether (USDT) Strengthens Financial Transparency and Law Enforcement Cooperation
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Tether (USDT) Strengthens Financial Transparency and Law Enforcement Cooperation

By Crypto FlexsSeptember 19, 20246 Mins Read
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Tether (USDT) Strengthens Financial Transparency and Law Enforcement Cooperation
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Peter Zhang
18 Sep 2024 13:05

Tether (USDT) enhances global financial inclusion and security by enhancing financial transparency and cooperation with law enforcement.





Tether has established itself as a pioneer in the stablecoin market by prioritizing financial transparency, resiliency, and cooperation with global law enforcement. Over 350 million users worldwide benefit from Tether’s stable and reliable digital currency, facilitating access to financial services, especially in regions where traditional banking systems are lacking.

Financial Transparency: Unrivalled Clarity and Assurance

Tether’s transparency is a defining characteristic, reflected in an independent certification conducted by BDO, a leading global independent accounting firm. The Q2 2024 certification confirmed that Tether has $118.4 billion in reserves, exceeding its liabilities by $5.3 billion. Cantor Fitzgerald CEO Howard Lutnick publicly praised Tether’s strong support, emphasizing his confidence in Tether’s asset reserves by saying, “They have money.”

Tether also provides a daily transparency report, providing unparalleled insight into its reserves. This level of openness surpasses many traditional financial institutions and demonstrates Tether’s commitment to consumer protection and regulatory compliance.

Commitment to law enforcement and fighting financial crime

Tether is an industry leader in supporting law enforcement agencies worldwide. Recognizing its role as the world’s largest stablecoin, Tether has taken proactive steps to establish direct lines of communication with national police to support investigations and enforce wallet freezes for criminal activity. Tether has hired former law enforcement officers, prosecutors, bank investigators, and analysts from blockchain forensics firms to represent its external investigations department.

Tether has played a key role in combating financial crime through robust compliance measures through partnerships with organizations like Chainalysis and proactive prevention of illicit funds through initiatives like the T3 Financial Crime Unit. Since its inception, Tether has worked with 180 agencies across 45 jurisdictions to freeze approximately 1,850 wallets involved in illicit activity and recover over $113.8 million in assets.

Recently, Tether took decisive action against the infamous North Korean hacker group Lazarus, freezing and blacklisting wallet addresses linked to the group containing nearly $5 million worth of stablecoins. In contrast to its closest competitor, Tether quickly blocked these funds, protecting the integrity of the stablecoin ecosystem.

In a notable case, such as the US Department of Justice’s takedown of a cyber fraud ring, Tether’s swift action facilitated the seizure of nearly $9 million worth of cryptocurrency. The Department of Justice has acknowledged Tether’s role in the asset seizure and will continue to acknowledge it. Tether’s role in freezing $225 million in fraud schemes has also been praised by authorities for its effectiveness in disrupting the criminal network.

Dealing with Cryptocurrency Fraud

Contrary to popular belief, cryptocurrency-related fraud is not limited to stablecoins. According to CipherTrace reports and Nasdaq’s “Global Financial Crime Report,” most frauds originate outside the cryptocurrency ecosystem and primarily involve fiat currencies. Blockchain technology, including Tether, offers greater traceability than traditional financial systems, allowing authorities to track and seize assets associated with illicit activity.

To date, Tether has frozen $1.86 billion worth of assets linked to fraudulent transactions, reinforcing its commitment to preventing misuse of stablecoin technology. Tether works closely with law enforcement agencies on multiple continents to protect the network for legitimate users while ensuring bad actors are held accountable.

Tether’s compliance program employs leading vendors such as Refinitiv World Check, Chainalysis, and TRM Labs to monitor customer interactions and ensure compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Financial Inclusion and the Dominance of the US Dollar

Tether’s role goes beyond fighting financial crime to being a driver of global financial inclusion. In regions with unstable local currencies, Tether provides a stable alternative, allowing individuals to safely store and transfer value. This integration into the global economy empowers millions of people, giving them the opportunity to participate in international commerce.

Tether’s impact on the U.S. economy is significant. As the world’s 18th largest holder of U.S. Treasury securities, holding $97.6 billion, Tether strengthens the resilience of the U.S. financial system. By driving demand for the USD through the USD₮/USD peg and providing customers with access to digital dollars on the blockchain, Tether reinforces the U.S. dollar’s ​​position as the dominant global reserve currency.

With over 350 million users worldwide, Tether provides unprecedented support for the US dollar hegemony. In regions such as Latin America and Asia where access to the USD is often limited, Tether’s stablecoin facilitates broader participation in dollar-based transactions, boosting local economic activity and further solidifying the dollar’s ​​global dominance.

Resilience and stability amid market volatility

Tether’s ability to withstand market volatility has proven itself time and time again. During the cryptocurrency market crash caused by Terra-LUNA’s UST depeg in May 2022, Tether redeemed $10 billion USD₮ in a week, more than 12% of the total supply, and redeemed $20 billion USD₮ in a month without any disruption.

This was unprecedented as no bank in the world could collect even 12% of its outstanding debt in a week.

In fact, the USD₮ redemption volume during the two weeks of May 2022 rivaled the largest bank run in history, a distinction held by the $16.7 billion withdrawal request during the 10 days leading up to the collapse of Washington Mutual.

This is different from banks USD₮ is fully reserved.

All the challenges that other protocols and banks face are simply problems that arise because they are not always fully backed by high-quality liquid assets. If a given financial system does not have enough collateral to back up outstanding liabilities, it will face the risk of collapse if it is hit by too many withdrawals or a collapse in the value of available collateral.

In contrast, Tether has consistently fulfilled redemption requests without fail throughout its history. While critics would like to characterize these redemptions as a weakness, they instead highlight Tether’s unparalleled liquidity and reliability.

A commitment to security and financial freedom

Tether has consistently demonstrated its ability to balance security, transparency, and financial inclusion. Its cooperation with law enforcement, commitment to transparency, and proactive approach to regulatory compliance have set the standard for the stablecoin industry. Tether is not just a stablecoin, it is the foundation of a new global financial system that promotes freedom and security for all.

Tether continues to lead by example and remains steadfast in its mission to democratize financial accessibility through technology and ensure a safe and inclusive financial future.

Image source: Shutterstock


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