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Stablecoins like Tether are in the range of the U.S. Treasury

Published: January 2, 2024

Written by:barnaby

The U.S Treasury wants stablecoin providers to take action against fraud. 

Top stablecoins such as Tether’s USDT and Circle’s USDC are in range of the U.S. treasury after warning issuers.

Deputy secretary of the U.S. treasury warned stablecoin issuers outside of the U.S. must be warned about stopping bad actors.

Terrorist cells and fraudsters have been using stablecoins and mixers to hide assets and send them to various wallets.

The U.S. has asked Tether for help in freezing suspicious wallets as well as helping to curb cybercrime and terrorist cells from making transactions.

Wally Adeyemo commented:

We cannot allow dollar-backed stablecoin providers outside the United States to have the privilege of using our currency without the responsibility of putting in place procedures to prevent terrorists from abusing their platform.

The treasury suggested that the cryptocurrency industry should follow the U.S. banking industry’s path when it comes to security and stopping bad actors.

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