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Tether CEO Ardoino defends against Iran sanctions accusations, citing 94% drop in Iran-linked stablecoin volumes
Tether CEO Paolo Ardoino has responded to a Senate investigation report that accused the stablecoin firm of providing a "significant financial lifeline within Iran's shadow banking network." Ardoino stated that Tether's proactive work in observing sanctions has led to Iran-linked stablecoin volumes declining by 94%. He added that Tether freezes suspicious transactions an average of four weeks prior to official sanction designations by entities like the U.S. Treasury Department's OFAC and Israel's NBCTF. Ardoino also criticized the report's release to media before the company could review it.
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