UN: USDT is Used for Money Laundering in Asia
According to a UN report, the stablecoin market in Asia is viewed as a major facilitator in the laundering of criminal proceeds.
The report, cited by the Financial Times, specifically mentions Tether as the main digital currency used in these transactions.
With a market capitalization of almost $95 billion, USDT is currently the top stablecoin. The UN Office on Crime and Drug Trafficking highlights USDT as the most popular token among criminal communities, due to its peg to the US dollar.
The report also states that Asia-Pacific has the largest number of money laundering transactions using stablecoins, and online casinos are also a common method for laundering funds.
Overall, the UN identifies stablecoins and online casinos as significant channels for the movement of illicit funds in Asia.
