Nov. 1, 2024, 9:00 AM UTC

Tether Usage Rises in Time Zones That Include Sanctioned Nations

Suvashree Ghosh
Suvashree Ghosh
Bloomberg News
Sidhartha Shukla
Sidhartha Shukla
Bloomberg News

The $120 billion cryptocurrency Tether has gained traction in European, Middle Eastern and African time zones, a study suggests, as the purported dollar surrogate reportedly comes under greater US scrutiny.

The trend emerges in data on first-time use of digital wallets containing the stablecoin — also known as USDT — from consultancy Chainalysis Inc.Activations crest from 9 a.m. to 2 p.m. Coordinated Universal Time, or UTC, equivalent to late morning or afternoon in the likes of Moscow, Tehran, Kigali and Istanbul.

Chainalysis said the figures span Jan. 1 to Oct. 8 this year and offer a proxy for ...

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