US freezes $344 million in Iran-linked USDT; Tether says it assisted

US Treasury Secretary Scott Bessent said the US has imposed sanctions on multiple cryptocurrency wallets linked to Iran, leading to the freeze of $344 million. Tether said on Monday it worked with the US government to freeze the funds across two addresses. A US official told CNN that authorities identified confirmed transactions involving Iranian exchanges, with funds routed through intermediary addresses. Most of the assets were held in USDT, the stablecoin widely used for offshore dollar flows. The enforcement action comes as the US expands Iran-related measures, including sanctions targeting China's Hengli Petrochemical (Dalian) Refinery and nearly 40 entities involved in oil trading. Treasury described the move as part of its maximum-pressure campaign against Tehran during the current ceasefire.