Conduit Sues Tether Over $2.76 Million Stablecoin Freeze

Conduit, a cross-border payments company, filed a lawsuit against Tether in New York federal court, alleging Tether froze $2.76 million in Conduit’s treasury wallet without justification and has refused to release it for over a year.

Why it matters. The dispute highlights the power and potential for abuse of Tether’s control over stablecoins, affecting businesses reliant on these financial instruments.