Stablecoin Tether steps up monitoring in bid to combat illicit finance

FILE PHOTO: Figurines with computers and smartphones are seen in front of Tether logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File PhotoLONDON : The world's largest stablecoin, Tether, has stepped up monitoring of how its tokens are used in broader crypto markets and payments in a bid to combat illicit finance, Tether said in a statement on Thursday.

Last month, Reuters reported that Venezuela's state-run oil company PDVSA planned to increase use of Tether in its crude and fuel exports at a time when the U.S. has reimposed oil sanctions. A spokesperson for Tether did not immediately respond to a Reuters request for comment asking if there was a link between Thursday's announcement and the Reuters report on PDVSA. Tether's announcement did not mention either report.

Tether has grown rapidly in recent years, hitting $100 billion in circulation in March. That growth has been driven by its use as an alternative to the dollar in emerging markets, Tether CEO Paolo Ardoino told Reuters last month.

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