Senator Demands Tether Reserve, Sanctions Records From Cantor Fitzgerald

Sen. Richard Blumenthal is demanding that Cantor Fitzgerald disclose how it holds Tether’s reserves and monitors sanctions compliance after a Senate investigation linked Iran-associated wallets to extensive use of Tether’s USDT stablecoin.

Blumenthal, the ranking Democrat on the Senate Permanent Subcommittee on Investigations, sent the request to Cantor Chairman Brandon Lutnick on Oct. 8. He seeks records on reserve custody, audits, revenue, ownership, know-your-customer and anti-money-laundering controls, and sanctions monitoring. Cantor’s response is due Oct. 23.

The Senate investigation examined 846 wallets sanctioned or targeted for seizure because of links to Iran and regional proxies. It found that 84% had transacted exclusively or nearly exclusively in USDT. The investigation found that 87% of 757 wallets tied to Iranian terrorism financing predominantly used USDT, representing more than 80% of transaction value in those wallets.

The investigation identified more than $603 million in USDT moved between 2021 and 2025 through a network linked to Iranian oil smugglers, Hizballah, the Houthis and Iranian financial institutions.

Tether said it supported freezes totaling approximately $550 million in Iran-linked USDT during 2026, including more than $344 million in April and more than $130 million in July. The Senate request is an oversight inquiry, not a legal finding against Cantor Fitzgerald or Tether.