The Shadow Dollar That’s Fueling the Financial Underworld (www.msn.com)
from mox@lemmy.sdf.org to world@lemmy.world on 11 Sep 2024 23:27
https://lemmy.sdf.org/post/22212391

Archived: archive.today/UnNtK

A giant unregulated currency is undermining America’s fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny fraction of the workforce.

Its name: Tether. The cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily.

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MediaBiasFactChecker@lemmy.world on 11 Sep 2024 23:28 next collapse
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FapFlop@lemmy.world on 12 Sep 2024 00:01 next collapse

(It’s an article about Tether)

wurzelgummidge@lemmy.world on 12 Sep 2024 00:40 next collapse

Wherever the U.S. government has restricted access to the dollar financial system—Iran, Venezuela, Russia—tether thrives as a sort of incognito dollar used to move money across borders.

Russian oligarchs and weapons dealers shuttle tether abroad to buy property and pay suppliers for sanctioned goods. Venezuela’s sanctioned state oil firm takes payment in tether for cargoes. Drug cartels, fraud rings and terrorist groups such as Hamas use it to launder income.

Whenever the US starts pointing fingers you know damn well they are doing exactly the same thing.

FlyingSquid@lemmy.world on 12 Sep 2024 10:21 collapse

Why would the U.S. do that when they can just use real dollars? The whole point is this is countries that don’t have access to the dollar. You even quoted that part.

wurzelgummidge@lemmy.world on 12 Sep 2024 10:28 collapse

Illegal and/or anonymous funding of destabilisation efforts in places they don’t like.

FlyingSquid@lemmy.world on 12 Sep 2024 10:30 collapse

Again, they can just do that with real dollars. Real dollars have value in those countries. It’s just hard to get them inside. Once they’re inside, they have value. Especially if you can get them out again.

You’re trying way too hard with this conspiracy theory of yours. If the U.S. wants to do that sort of thing, and they have done it plenty of times, they just use real dollars.

deadbeef79000@lemmy.nz on 12 Sep 2024 01:05 collapse

Wait until they hear about the USD fuelling the financial underworld.