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A giant unregulated currency is undermining America’s fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny fraction of the workforce.

Its name: Tether. The cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily.

  • wurzelgummidge@lemmy.worldEnglish
    46·
    3 months ago

    Wherever the U.S. government has restricted access to the dollar financial system—Iran, Venezuela, Russia—tether thrives as a sort of incognito dollar used to move money across borders.

    Russian oligarchs and weapons dealers shuttle tether abroad to buy property and pay suppliers for sanctioned goods. Venezuela’s sanctioned state oil firm takes payment in tether for cargoes. Drug cartels, fraud rings and terrorist groups such as Hamas use it to launder income.

    Whenever the US starts pointing fingers you know damn well they are doing exactly the same thing.

    • Flying Squid@lemmy.worldMEnglish
      51·
      3 months ago

      Why would the U.S. do that when they can just use real dollars? The whole point is this is countries that don’t have access to the dollar. You even quoted that part.

        • Flying Squid@lemmy.worldMEnglish
          42·
          3 months ago

          Again, they can just do that with real dollars. Real dollars have value in those countries. It’s just hard to get them inside. Once they’re inside, they have value. Especially if you can get them out again.

          You’re trying way too hard with this conspiracy theory of yours. If the U.S. wants to do that sort of thing, and they have done it plenty of times, they just use real dollars.