The major Stablecoin firm Tether, responded to the recent report by the United Nation stating the alleged involvement of its tether USDT Stablecoin in an unlawful activity.

The southeast Asia and the pacific Division of the UN office for Drugs and Crime (UNODC) on Jan. 15 2024 issued a report on the use of cryptocurrency in illegal activities and underground banking.

The UN report referred to the USDT Stablecoin as one of the primary vehicles driving money laundering in a release Titled 'Casinos, Money laundering, underground Banking and Transnational organized Crime in East and Southeast Asia, A Hidden, Accelerating threat. The report specifically referred to the prevailing popularity of USDT based on the Tron blockchain.

"USDT on the Tron blockchain has become preferred choice of regional cyber fraud operation and money launderers alike due to its stability and the ease, anonymity and low fees of its transactions", the UNODC report .

Arguing the UN's news on Jan. 15, Tether revealed that the agency's analysis has "ignored tge traceability" of USDT and disregarded it's proven record of collaborating with law enforcement worldwide. "The UN should also discuss how centralized Stablecoins can improve anti-financial crime efforts, "Tether said, adding that the firm is committed to collaboration on such matters.

Tether mentioned that it froze more than $300million on USDT involved in illicit activities over the past few months, including $225 million frozen in November 2023 as part of a united state investigation into a southeast Asian human trafficking syndicate. Tether said.

"The UN's assessment singles out USDT highlighting it's involvement in illicit activity while ignoring its role in helping developing economics in emerging markets, completely neglected by the global financial world simply because servicing such communities would be unprofitable for them".

Furthermore, Tether said that tracking tether tokens through collaboration with global law enforcement ensures "unparalleled monitoring, surpassing traditional banking system which has been the vessel for laundering substantial sum over decades" The Stablecoin firm called on the global community and the UN to cooperate and expand awareness of blockchain technology to better to respond to financial crimes.

Tether also argued that, the UN "completely neglects" developing economies using Stablecoin like USDT because servicing them would be unprofitable for the agency.