US Expands Sanctions into Stablecoins, Freezing $344 Million

The US Treasury Department's Office of Foreign Assets Control (OFAC) has worked with Tether to freeze approximately $344 million worth of USDT across two wallets on the TRON network. This action is seen as part of an 'Economic Fury' operation aimed at systematically degrading Iran's ability to raise, move, and repatriate funds.

The use of stablecoins in enforcing sanctions has raised concerns over digital currency sovereignty, particularly in countries that rely heavily on dollar-denominated transactions. In South Korea, for example, 95% of crude oil imports pass through the Strait of Hormuz, making energy security structurally dependent on US-backed stability in the region.

The freeze has also highlighted the increasing leverage of US power over digital money flows, with implications for countries exploring 'de-dollarization'. The emergence of a second dependency axis – dollar stablecoins as a de facto base layer of crypto liquidity and settlement – has intensified debate in Seoul about ensuring that Korea's currency, the won, has a viable legal and technical pathway for digital circulation under domestic rules.