A new report has emerged that the U.S. Department of Justice has launched an investigation into stablecoin company Tether.
The Wall Street Journal (WSJ) reported that a criminal investigation into the company and its dollar-pegged stablecoin USDT is underway, led by the U.S. Attorney’s Office in Manhattan.
The DOJ is investigating possible violations of sanctions and anti-money laundering regulations, according to people familiar with the matter.
Tether CEO Paolo Adroino responded to the news, saying the company had seen “no indication” that an investigation was underway, Reuters reported.
A report from the Wall Street Journal triggered a small peg against USDT, with the coin designed to hold $1 trading at $0.9993 at the time of publication.
USDT is the largest stablecoin on the market with a market capitalization of $119 billion.
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