The U.S. Division of Justice has launched an investigation into the stablecoin firm Tether, based on a brand new report.
A prison investigation into the corporate and its dollar-pegged stablecoin USDT is underway, spearheaded by the U.S. legal professional’s workplace in Manhattan, reports the Wall Avenue Journal.
The DOJ is investigating “potential” violations of sanctions and anti-money-laundering guidelines, based on individuals conversant in the matter.
Tether CEO Paolo Adroino has responded to the information, reports Reuters, saying the agency has seen “no indication” that any investigation is underway.
The Wall Avenue Journal’s report has triggered a small de-peg for USDT, with the coin that’s designed to stay at $1 now trading at $0.9993 at time of publishing.
USDT is the most important stablecoin in the marketplace, with a $119 billion market cap.
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