WSJ: Tether is Disrupting the US Global Sanctions System

On September 13th, The Wall Street Journal (WSJ) reported that Tether (USDT) is undermining the U.S.'s efforts to combat arms dealers, sanction violators and fraudsters. By 2023, the amount of money flowing through the Tether network will be almost as much as that through Visa cards, with an annual net profit of $6.2 billion. This surpasses asset management giant BlackRock's net profit for common shareholders ($5.5 billion), but Tether's staff count (less than 100 people) is only a small fraction of BlackRock's. The article points out that while Tether does verify the identities of its direct customers, its vast secondary market remains unregulated. According to a United Nations report in January this year, USDT is the "preferred" choice for money laundering in Southeast Asia.