Tether has frozen greater than half a billion {dollars} in cryptocurrency on the request of Turkish authorities, blocking funds tied to an alleged unlawful on-line betting and money-laundering operation.
Final week, prosecutors in Istanbul introduced the seizure of roughly €460 million ($544 million) in property belonging to Veysel Sahin, accused of working illegal betting platforms and laundering proceeds. Officers initially declined to establish the crypto agency concerned, however the firm was Tether Holdings SA, the issuer of the $185 billion USDt (USDT) stablecoin, CEO Paolo Ardoino informed Bloomberg.
“Legislation enforcement got here to us, they offered some data, we regarded on the data and we acted in respect of the legal guidelines of the nation,” Ardoino reportedly stated. “And that’s what we do once we work with the DOJ, once we work with the FBI, you identify it,” he added.
The motion got here as a part of a broader investigation concentrating on underground playing and fee networks within the nation. Turkey has already seized greater than $1 billion in property by means of associated probes, in response to Bloomberg.
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Tether, Circle blacklist 5,700 wallets
Based on analytics agency Elliptic, stablecoin issuers, primarily Tether and Circle, had blacklisted about 5,700 wallets containing roughly $2.5 billion by late 2025. About three-quarters of these addresses held USDT on the time they have been frozen.
Tether additionally informed Bloomberg that it has assisted authorities in additional than 1,800 investigations throughout 62 international locations, leading to $3.4 billion in frozen USDT related to alleged prison exercise.
Regardless of the cooperation, USDt continues to draw scrutiny. US prosecutors final month charged a Venezuelan nationwide with laundering $1 billion, largely utilizing the token, whereas blockchain researchers have linked giant USDt transactions to sanctions-evasion exercise.
Final 12 months, Bitrace additionally reported that $649 billion in stablecoins, or about 5.14% of whole stablecoin transaction quantity, flowed by means of high-risk blockchain addresses in 2024, with Tron-based USDt accounting for greater than 70% of the exercise.
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Tether’s USDT hits $187B market cap
As Cointelegraph reported, Tether’s USDt reached a document $187.3 billion market capitalization within the fourth quarter of 2025, rising by $12.4 billion regardless of a broader crypto downturn triggered by October’s liquidation cascade. Whereas USDt expanded, rival stablecoins struggled, with Circle’s USDC (USDC) ending the quarter largely flat and Ethena’s USDe shedding about 57% of its worth.
Community utilization additionally surged. Month-to-month energetic USDt wallets climbed to 24.8 million, roughly 70% of all stablecoin-holding addresses, whereas quarterly switch quantity rose to $4.4 trillion throughout 2.2 billion transactions, marking new onchain data.
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