Senator Blumenthal probes ties between Tether and Cantor Fitzgerald

The world’s dominant stablecoin is back in the congressional spotlight, and this time Wall Street is in the frame too. On September 28, 2026, Democratic Senator Richard Blumenthal released a staff report arguing that Tether’s USDT has become a primary payment rail for Iran-linked networks and sanctioned entities tied to terrorist proxies. He is also pressing on Tether’s relationship with Cantor Fitzgerald, which owns a piece of the company and holds a large share of its US reserves. What the report found The report carries the title “Tethered to Terrorism.” Blumenthal’s staff reviewed 846 wallets designated by two bodies: the US Treasury’s Office of Foreign Assets Control (OFAC) and Israel’s National Bureau for Counter Terror Financing. The review window ran from June 2021 to August 2026. The headline figure: 84% of those wallets relied heavily on USDT. That made Tether’s token the predominant asset moving through the flagged addresses. The split between the two designation lists is telling. Among wallets flagged by Israel, 87% used USDT. Among OFAC-designated wallets, the figure was 57%. The report also singles out two sanctioned Iranian oil smugglers. According to the findings, t...