A new on-chain study published by the AMLBot team shows that Tether has frozen more than $3.29 billion in USDT across the Ethereum and Tron blockchains between 2023 and 2025, blacklisting 7,268 addresses in the process.
The findings highlighted a sharp contrast with Circle’s USDC, which froze $109 million across just 372 addresses during the same period, pointing to two very different enforcement philosophies shaping the stablecoin market.
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