Tether(USDT) News: Tether Freezes $28 Million USDT on Sanctioned Russian Crypto Exchange Garantex

In a significant development in the cryptocurrency world, Tether, the issuer of the popular stablecoin USDT, has frozen $28 million worth of its tokens on the Russian crypto exchange Garantex. This move comes as Garantex has been sanctioned by the European Union for its links to the Russian government and criminal organizations, prompting the exchange to temporarily suspend all its services.

Tether Freezes $28M USDT on Russian Crypto Exchange Garantex

Stablecoin issuer Tether has frozen $28 million worth of USDT on Russian crypto exchange Garantex. Garantex, which has been sanctioned by the European Union for links to the Russian government and criminal organizations, has suspended all its services temporarily. Garantex claimed on Telegram that Tether has entered the war against the Russian crypto market and blocked their wallets worth over 2.5 billion rubles, adding that all USDT held in Russian wallets is now under threat.

Tether Freezes $27M on Garantex, Forcing Halt of Russian-linked Exchange

Sanctioned crypto exchange Garantex has halted operations following Tether’s decision to freeze $27 million worth of USDT on the platform. In a March 6 announcement on Telegram, the exchange confirmed a temporary suspension of crypto trading and withdrawals, citing Tether’s decision to freeze its funds. According to the firm, Tether has entered the war against the Russian crypto market and blocked its wallets worth more than 2.5 billion rubles. Garantex warned that this action could set a precedent, putting all Russian USDT holdings at risk. The exchange vowed to challenge the decision, emphasizing that while it may be the first exchange affected, it likely will not be the last.

OpenUSDT Storms Into DeFi, Powering Unstoppable USDT Transfers

OpenUSDT, an interoperable version of Tether’s USDT, has integrated Chainlink CCIP for seamless cross-chain transfers. This stablecoin enhances liquidity and interoperability within the OP Superchain by eliminating liquidity fragmentation and enhancing cross-chain accessibility. Developed in collaboration with Chainlink and Hyperlane, OpenUSDT ensures seamless transfers across multiple networks without vendor lock-in. It is backed 1:1 with native USDT locked on Celo, which serves as the hub for issuance. This initiative addresses challenges faced by chains in the Superchain ecosystem that previously needed to deploy individual bridged USDT versions or rely on third-party providers.