The world’s largest stablecoin by market capitalization could reportedly see a rise in adoption among sanctioned countries.
Citing data from market information platform Chainalysis, Bloomberg reports Stablecoin issuer Tether’s USDT is seeing increased usage in time zones associated with major cities in Eastern Europe, the Middle East and Africa, including sanctioned countries such as Russia and Iran.
According to the data, when examining the first use of digital wallets with USDT between January 1 and October 8 of this year, a trend emerges – that trend indicates a possible increase in usage in the late morning or early afternoon in the cities of Moscow. , Tehran, Kigali and Istanbul.
However, a spokesperson for the crypto analytics company said the results are not definitive, meaning the increase in usage during the said time zone does not necessarily translate into greater adoption of USDT in sanctioned countries. The spokesperson emphasizes that anyone can use a crypto wallet anytime, anywhere in the world.
The news comes amid reports that Tether is being investigated by US regulators for possible violations of anti-money laundering and sanctions laws. One report claimed that the Treasury Department is considering possibly sanctioning Tether for its “widespread use” of USDT among US-sanctioned entities.
Tether CEO Paolo Ardoino squashed the rumors, saying the mainstream media is repeating old stories.
“At Tether, we regularly and directly work with law enforcement officials to prevent rogue states, terrorists and criminals from abusing USDT.
We would know if we were investigated, as the article falsely claims. On this basis, we can confirm that the allegations in the article are unequivocally false.”
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