Summary
Stablecoin issuer Tether and its custodian Cantor Fitzgerald have responded to claims from the United Nations (UN) that Tether’s USDT is being used for illicit financial activity. The UN report stated that USDT on the TRON155 blockchain is being used for cyberfraud and money laundering. Tether expressed disappointment that the UN singled out USDT and ignored its positive role in developing economies. Cantor Fitzgerald CEO Howard Lutnick confirmed that the company has the reserves it claims to have. While the UN report does not question the existence of USDT’s reserves, Tether has faced speculation about its reserves in the past. Tether invited the UN to engage in collaborative dialogue and gain a better understanding of blockchain technology.
Key Points
– Tether and Cantor Fitzgerald are refuting claims from the United Nations that Tether’s USDT is widely used for illicit financial activity.
– The UN report alleges that billions of USDT on the TRON blockchain were involved in underground currency exchanges, illegal trades, and criminal activities.
– Tether and Cantor Fitzgerald assert that they have the reserves to back USDT and criticize the UN for overlooking the positive impact of USDT in developing economies.