WSJ published an exposé on Tether, calling it the "The Shadow Dollar That’s Fueling the Financial Underworld.”
⚫
Performance
—Tether, an unregulated cryptocurrency, rivals Visa in transaction volume, handling up to $190bn daily.
—Despite having a small workforce of under 100 employees, Tether has surpassed BlackRock in profitability, earning $6.2bn last year.
⚫️
Undermining U.S. Efforts and Regulatory Challenges
—Tether's activities undermine U.S. efforts to combat arms dealers, sanctions busters, and scammers.
—Tether is enabling a "parallel economy" beyond U.S. law enforcement's reach.
—Tether is privately controlled in the British Virgin Islands by a secretive group of owners, with its activities largely hidden from governments.
—Tether supports transactions in Iran, Venezuela, and Russia, where the U.S. government has restricted access to the dollar financial system.
—Tether is used by Russian oligarchs and weapons dealers for property purchases, Venezuela's sanctioned state oil firms for cargo payments, and by drug cartels, fraud rings, and groups like Hamas for money laundering.
⚫️
Support in Volatile Economies
—In countries with high inflation, like Argentina and Turkey, Tether serves as a stable asset for daily transactions and savings protection.
⚫️
Wallet Freezing Challenges
—Tether claims it can track every transaction on public blockchain ledgers and can seize and destroy tether held in any wallet.
—However, freezing wallets turned out to be largely ineffective—out of $153bn across 2,713 blacklisted wallets, Tether was able to freeze only $1.4bn, with the rest already withdrawn.
▪
Telegram ▪
X
▪
Community ▪
Sourceادامه مطلب ...