Tether says it helped freeze approximately $550 million in Iran-linked USDT during 2026, a figure it deployed Monday as evidence of its cooperation with US sanctions enforcement.
But the two enforcement actions itemized in the company’s own release account for only about $474 million, leaving roughly $75 million to $76 million of the stated total without a disclosed breakdown.
The September 28 statement says more than $344 million in USDT was frozen across two addresses in April after Tether received information from US authorities. It then says another more than $130 million was frozen across four wallets in July. Tether immediately states that “together, those actions amount to approximately $550 million.”
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On-chain analysis provides a more precise estimate. BitOK calculated the April action at approximately $344.2 million and the July freeze at $130.1 million, putting the combined amount at roughly $474.3 million.
Tether does not explain in its release whether its approximately $550 million figure includes additional Iran-linked freezes, later changes in wallet balances, or other enforcement actions not individually identified.
The disclosure came the same day Reuters reported findings from a Democratic minority investigation by the Senate Permanent Subcommittee on Investigations. The investigation reviewed 846 cryptocurrency wallets sanctioned by the US or Israel in connection with Iran and found that 84% had transacted in USDT.
Sen. Richard Blumenthal, the subcommittee’s ranking Democrat, called for the Treasury and Justice departments to investigate Tether.
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Tether rejected the characterization that USDT provides a haven for sanctioned actors.
“Tether has consistently demonstrated that USD₮ is not a haven for sanctioned actors, terrorist organizations or criminal networks,” CEO Paolo Ardoino said. The company argued that public blockchains allow authorities to trace funds and that Tether can freeze assets after receiving credible information from law enforcement.
The April action itself is documented separately by Tether. On April 23, the company said it froze more than $344 million across two addresses following information from US authorities.
BitOK‘s on-chain analysis gives the wallet balances as:
- TNiq9A…QZH81: $212,922,653 USDT
- TTiDLW…r9e6W: $131,288,800 USDT
- Total: $344,211,453 USDT
On July 14, four additional TRON wallets linked to Iran’s Central Bank and IRGC were blacklisted. BitOK measured their USDT balances at the moment of the freeze as:
- TFQbqa…C9wC7k: $85,527,016.00
- TJdgB1…TmzmSK: $30,978,224.26
- TXGHxd…Q9bhUf: $12,306,816.48
- TAhwhF…sutiRfp: $1,285,180.48
- Total: $130,097,237.22 USDT
Tether says its broader cooperation with authorities has resulted in more than $4.9 billion in asset freezes globally.
Its Iran-specific accounting, however, leaves the breakdown behind one of its most prominent sanctions-enforcement figures incomplete.
