Stablecoins (USDT, USDC, DAI) have become the preferred medium for sanctions evasion because they offer the stability of fiat with the permissionless transfer of crypto. OFAC designations increasingly include stablecoin addresses.
TL;DR: Stablecoins are the most-used crypto asset for sanctions evasion because they hold value stably and transfer instantly without banking intermediaries. Compliance teams must screen stablecoin transfers the same as any other crypto asset.
Bitcoin and Ethereum prices are volatile, making them poor stores of value for sanctioned entities who need stability. USDT (Tether) and USDC (Circle) hold their value at $1, making them the practical choice for storing and moving illicit proceeds.
| Stablecoin | Issuer | Freeze capability | OFAC compliance |
|---|---|---|---|
| USDC | Circle | Yes, issuer can freeze addresses | Freezes OFAC-designated addresses |
| USDT | Tether | Yes, issuer can freeze addresses | Freezes OFAC-designated addresses |
| DAI | MakerDAO | Not centralized (until Endgame) | Cannot freeze (decentralized) |
| BUSD | Paxos | Yes | Freezes OFAC-designated addresses (discontinued minting) |
Centralized stablecoin issuers can freeze addresses, effectively blocking sanctioned entities. Circle has frozen addresses associated with OFAC-designated Tornado Cash. However, freezing only works for centralized stablecoins. Decentralized stablecoins (DAI, LUSD) cannot be frozen by design.
AI agents accepting stablecoin payments must screen the sending wallet against OFAC addresses, regardless of stablecoin type. Even if USDC has frozen a designated address, the designated entity may use other stablecoins or wrapped tokens.
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