Disappointed by UN’s Assessment: Tether’s Role and Monitoring
We are disappointed with the UN’s assessment that highlights USDT’s involvement in illicit activities while overlooking its beneficial role for developing economies. The global financial world has ignored serving such communities, as it may not be profitable. Our collaboration with law enforcement agencies ensures unparalleled monitoring of Tether tokens through the use of public blockchains:
The monitoring of Tether tokens is conducted in partnership with various law enforcement organizations, including the DOJ, FBI, and USSS.
This approach surpasses traditional banking systems that have been implicated in laundering significant sums.
- Freezing over US$300 million within a few months to combat cryptocurrency misuse.
- Collaborating with Chainalysis for developing tools to monitor secondary markets and enhance community protection.
The UN’s analysis fails to acknowledge the traceability of Tether tokens and their history of working alongside law enforcement. It should also discuss how centralized stablecoins can aid anti-financial crime efforts, emphasizing the need for cooperation between the industry and organizations like the UN.
The absence of efforts to understand blockchain technology raises concerns about achieving intended goals.
We advocate a proactive approach to learning about blockchains as they offer significant improvements in fighting financial crimes:
- The UN could benefit from an expanded understanding of blockchain technology and its potential impact on combating financial crime.
Tether is open to collaborative dialogue with the UN, echoing our successful partnerships with numerous law enforcement agencies worldwide. We remain committed to promoting transparency and accountability in digital currencies.