Tether's Role in Financial Crimes Under Scrutiny

According to BlockBeats, The Wall Street Journal reported on September 13 that Tether (USDT) is undermining the United States' efforts to combat arms dealers, sanction violators, and fraudsters. In 2023, the volume of funds flowing through the Tether network nearly matched that of Visa cards, with an annual net profit of $6.2 billion, surpassing asset management giant BlackRock, which reported a net profit of $5.5 billion for common shareholders. However, Tether's workforce, with fewer than 100 employees, is significantly smaller than BlackRock's. The Wall Street Journal highlighted that while Tether conducts identity checks on its direct customers, its vast secondary market remains unregulated. A United Nations report from January this year indicated that USDT is the preferred currency for money laundering in Southeast Asia. Tether has the capability to track every transaction on the public blockchain ledger and can freeze and destroy USDT in any wallet.