Iraq Has Banned USDT

The Central Bank of Iraq has reportedly outlawed the use of USDT. According to Kurdistan Watch, the move was made under pressure from the U.S., which fears that Tether’s infrastructure might be used to bypass sanctions on Iran.

This marks a turning point for the stablecoin market. We’re now seeing the world split into two camps:

🏛 In some countries, USDT is treated almost like actual dollars:

• Thailand’s SEC included it in the list of approved cryptocurrencies for exchange use.
• In Russia, where the global banking system is out of reach, USDT is widely used for cross-border trade.
• Iran, too, is said to rely on it for international settlements.

🚫 Meanwhile, in other countries - like those in the EU and now Iraq - USDT is being pushed out entirely. Over time, we’ll likely see new regional stablecoin champions emerge in these places.

The age of a single “gold standard” stablecoin may be coming to an end.

And that’s fine by us. At rabbit.io, you can freely swap any stablecoin for another - or for cryptocurrency. No restrictions. No favorites. Just pure freedom of exchange.