We are disappointed in the UN’s assessment that singles out USDT highlighting its involvement in illicit activity while ignoring its role in helping developing economies in emerging markets, completely neglected by the global financial world simply because servicing such communities would be unprofitable for them. The monitoring of Tether tokens through our collaboration with global law enforcement including the DOJ, FBI, and USSS (which was recently onboarded on the Tether platform) ensures unparalleled monitoring, surpassing traditional banking systems that for decades have been the vessel for laundering substantial sums proven by the fines that have been levied on them. Tether tokens, using public blockchains, make it possible to meticulously track every transaction, making it an impractical choice for illicit activities.
This is evident in our freezing of more than US$300 million within the last few months, showcasing our commitment to combating the criminal use of cryptocurrencies. Implementing security measures, including developing together with Chainalysis, a tool for monitoring secondary markets, highlights our dedication to community protection.
The UN’s analysis ignores the traceability of Tether tokens and the proven record Tether has of collaborating with law enforcement. Rather than focusing solely on risks the UN should also discuss how centralized stablecoins can improve anti-financial crime efforts. There are yet many more opportunities to work to stop financial crimes on blockchains and it behooves the UN to work with the industry to understand and execute modern strategies to fight financial crime. Tether will happily collaborate on such matters.
The absence of efforts to comprehend its fundamentals raises alarms about achieving the intended goals. Encouraging a proactive approach to learning and being educated on blockchain is essential for fostering a more informed and productive environment.
We believe the UN could benefit from an expanded understanding of blockchain technology and the immense improvements it offers with respect to fighting financial crime. We encourage a proactive learning approach and believe it is vital for a more informed environment, and are happy to support the UN in gaining more understanding.
We also extend an invitation to the UN to engage in collaborative dialogue, echoing successful collaborations with dozens of global law enforcement agencies including the DOJ and the USSS. Tether remains steadfast in promoting transparency and accountability in digital currencies.