Tether Freezes $550M in Iran-Linked USDT as US Sanctions Tighten

Tether froze roughly $550 million in Iran-linked stablecoins in 2026 under US Treasury actions, while Bitmine surpassed 6 million $ETH in its corporate treasury.

1. Tether Freezes $550M in Iran-Linked USDT Under US Sanctions Pressure: Tether supported the freezing of approximately $550 million in Iran-linked $USDT in 2026, cooperating with the US Treasury to disrupt state revenue pipelines. The actions included freezing $344 million across two wallets in April 2026 and $130 million across four TRON wallets in July 2026.

2. Bitmine Surpasses 6 Million ETH Holdings Valued at $17.2B: The NYSE-listed firm has accumulated 4.9% of circulating ETH in 15 months, staking over 5 million tokens to project $358 million in annualized revenue. The company's reserves also include 213 $BTC and $672 million in cash and securities.

3. SEC Clarifies Conditions for Crypto Assets to Exit Investment Contracts: The SEC issued guidance detailing that non-security tokens separate from investment contracts once an issuer fulfills its promises or abandons its efforts. The agency continues to apply the Howey test to digital assets sold under investment contracts.

4. Strategy Buys 1,665 Bitcoin for $142.7M, Expanding Treasury to 847,666 BTC: The enterprise treasury firm acquired more BTC at an average price of $85,681 between Sept. 21 and Sept. 27, 2026, funded by common stock sales. The firm also retired $151.7 million in preferred stock.

5. Tether and Circle Lead Crypto Revenue Rankings as Stablecoins Dominate: Tether generated $500.25 million and Circle earned $204.75 million in 30-day protocol revenue, outpacing decentralized applications and major blockchains. Ethereum burned $3.62 million in fees over the same period.

6. UK FCA Secures £851,000 Confiscation Orders Against Crypto Fraudsters: Southwark Crown Court ordered Raymondip Bedi and Patrick Mavanga to pay restitution to 65 victims of a fake crypto scheme on Sept. 28, 2026. The defendants face up to five years in prison if they fail to pay within three months.

7. California Governor Newsom Signs Law Banning Public Officials From Issuing Meme Coins: Assembly Bill 2409 prohibits California officials from launching meme coins and blocks exchanges from listing politician-affiliated tokens after Jan. 1, 2027. The law empowers the state Attorney General to file civil actions.

Numbers Bitcoin traded at $83,510, down 1.2% over 24 hours, while Ether slipped 0.2% to $2,682, and total market capitalization held at $2.85 trillion.

Watch

• Subsequent OFAC updates expanding digital currency identifiers on the SDN list under Operation Economic Outcast.
• Chairman Thomas Lee's keynote address at Korea Blockchain Week on Sept. 30, 2026, regarding Bitmine's treasury strategy.
• The statutory cutoff on Jan. 1, 2027, when California's exchange listing restrictions for politician-backed meme coins take effect.