350 million users engage in transactions with USDT, and its issuer collaborates with 180 institutions across 45 jurisdictions. Such information was presented by Tether Limited.
The company described the stablecoin it manages as a “cornerstone in modern financial ecosystems.”
According to the issuer, Tether is committed to consumer protection and regulatory compliance. This is reflected in quarterly attestations from BDO and daily transparency reports on token backing.
The firm highlighted its cooperation with law enforcement agencies in various jurisdictions to assist in investigations and freeze wallets belonging to wrongdoers.
Active efforts to combat financial crimes are supported through the T3 Financial Crime Unit alliance and partnerships with firms like Chainalysis.
Since the inception of such efforts, Tether has blocked funds on approximately 1850 addresses, recovering over $113.8 million, including $5 million linked to the Lazarus Group.
The issuer also aided in freezing $1.86 billion stolen in various fraudulent schemes.
The company noted compliance with US sanctions by blocking wallets from the SDN list. According to its representatives, this distinguishes Tether from competitors who resort to such practices only after receiving court orders.
KYC and AML programs are based on tools from Refinitiv World Check, Chainalysis, and TRM Labs.
Tether highlighted its role in strengthening the position of the USD as the dominant global reserve currency. The firm is the 18th largest holder of US debt obligations worldwide ($97.6 billion).
In regions like Latin America and Asia, where access to US currency is often limited, USDT facilitates broader participation in dollar transactions.
The organization noted the token’s resilience amid market turbulence. This was confirmed during the UST depeg in May 2022, when the issuer converted 10 billion USDT into fiat within a week (over 12% of the supply at that time).
The company compared such a bank run to the episode surrounding Washington Mutual in 2008. Then, the institution ceased operations after depositors withdrew $16.7 billion in 10 days. Unlike TradFi, USDT is fully reserved, the organization explained.
The publication of such a report may have been a response to an attack by the consumer advocacy group Consumers’ Research.
Earlier, the latter accused Tether of lacking transparency regarding its US dollar reserves and drew parallels with the situation that led to the collapse of FTX and Alameda Research.