Tether, the issuer of the USDT stablecoin, has expressed its disappointment in the United Nations’ recent assessment, which singled out USDT for its alleged involvement in illicit activities. However, Tether firmly believes that the assessment fails to acknowledge its significant role in helping develop economies in emerging markets, which the global financial world often neglects due to low profitability.
In a blog post, Tether stated that it collaborates with global law enforcement agencies such as the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the United States Secret Service (USSS) to ensure meticulous monitoring of Tether tokens. The transparency and traceability of public blockchains make every transaction easily trackable, rendering it impractical for illicit activities.
Tether highlighted its commitment to combating the criminal use of cryptocurrencies by freezing over $300 million in suspicious funds in recent months. The company also mentioned its collaborative effort with Chainalysis to develop a monitoring tool for secondary markets, emphasizing its dedication to community protection.
While Tether acknowledges the risks associated with stablecoins, it believes that the UN’s assessment fails to consider the potential benefits of centralized stablecoins in anti-financial crime efforts. Tether encourages the UN to work together with the industry to explore modern strategies for fighting financial crime on blockchains.
Tether extends an invitation to the UN to engage in collaborative dialogue and learn more about blockchain technology and its potential for improving financial crime prevention. The company emphasizes the importance of proactive learning and education to create a more informed and productive environment.
As Tether continues to promote transparency and accountability in digital currencies, it remains steadfast in its commitment to working with law enforcement agencies worldwide. The company believes that greater understanding and collaboration between regulators and the cryptocurrency industry are vital for achieving the intended goals of combating financial crime effectively.
The source of the article is from the blog dk1250.com