The Daily Peg
Stablecoins and crypto catch a break as US Treasury reveals Iran is embracing actual “diamond hands” in its Bond-villain-esque shadow financing playbook.
In today’s Daily Peg, Tether invests (once again) in NYSE-listed Stablecoin Development Corporation, the company that was until March 23 this year known as Nova Pharmaceuticals. The latest $134 million raise also included participation from RO1 Fund LP and Framework Ventures. The company now appears to be pursuing a strategy focused on buying up as many SKY governance tokens as possible. SKY itself was previously known as MakerDAO, one of the oldest DeFi systems.
Plus, inspired by the latest US Treasury action, we’re starting a new occasional “shadow financing” section to shed light on how illicit money flows actually move through the system. The latest scheme shut down by the Treasury depended on gold and diamonds, not stablecoins.
Industry news
Tether Backs $134 Million Raise as Stablecoin Infrastructure Expands Into Mainstream Use Cases
Tether Gold Is Now Available on The Revolut App
Tether Gold ($XAUT), the 1:1 physical gold-backed digital token stored in secure Swiss vaults, has been officially integrated within the Revolut app for seamless access and trading by millions of users.
Shadow flows
U.S. Treasury Sanctions Iranian Oil Smuggling Network And Hezbollah Gold Scheme
The U.S. Treasury’s Office of Foreign Assets Control sanctioned an oil smuggling network run by Iranian shipping magnate Mohammad Hossein Shamkhani and targets tied to a complex Hezbollah gold scheme that ultimately benefits Iran’s military.
“For more than five years, Moosavi cultivated a financial facilitation network of nefarious actors throughout the world to circumvent U.S. sanctions on Iranian oil for the benefit of Hizballah and the Iranian regime. Moosavi smuggled Iranian oil to Maduro’s regime in exchange for gold, including gold procured at below-market rates. These were sent back to Iran for the IRGC-QF as part of a financing channel for Hizballah. This was accomplished by transferring the gold on U.S.-designated Mahan Air to Hizballah members in Tehran, including U.S.-designated Hizballah financier Ali Qasir, from where the gold would then be smuggled to Türkiye for sale. Moosavi was allowed unimpeded movement throughout Maduro’s Venezuela due to his connections to the former regime.
Moosavi worked with U.S.-designated narcotics trafficker Tarek Zaidan El Aissami Maddah and U.S.-designated illicit shipping facilitator Viktor Artemov to smuggle Iranian oil into Maduro’s Venezuela for the benefit of the dictatorial regime, utilizing smuggling tactics such as ship-to-ship transfers, automatic identification system spoofing, and zombie tankers to facilitate the oil smuggling, which was paid for with gold and diamonds. Moosavi is also tied to the sale of Iranian LPG and crude oil and worked with his business partner, U.S.-designated Iran gas magnate Seyed Emamjomeh, to use a number of companies, including U.S.-designated Caspian Petrochemical FZE and Pearl Petrochemical FZE, to conduct facilitation activities.”
U.S. Treasury release, April 15
Influence
Former Lutnick-Run Cantor Fitzgerald Donates $10 Million To Crypto Pac Led By Tether Exec
Cantor Fitzgerald, Tether’s reserve custodian since 2021, donated $10 million to the Fellowship PAC led by Tether U.S. executive Jesse Spiro to back pro-crypto candidates pushing for transparent digital asset regulations.
Fed Pick Kevin Warsh Discloses Investments In Slew Of Crypto Firms Ahead Of Senate Confirmation
Federal Reserve nominee Kevin Warsh revealed holdings in over 30 crypto projects and firms including Solana, Optimism, Blast, Compound, dYdX, Polychain, and Lightning Network in financial disclosures released ahead of his Senate confirmation hearing.
Trump Family-Backed World Liberty Fi Proposes Unlocking 62.3 Billion Wlfi Tokens With Immediate Burn
Trump family-backed WorldLibertyFi proposes unlocking 62.3 billion $WLFI tokens, immediately burning 4.5 billion, and placing 40.7 billion founder and team tokens on a new vesting schedule that had previously been locked indefinitely.
Statecraft
Circle CEO Sees Tremendous Opportunity for Yuan-Backed Stablecoin With China Launch Possible in Three to Five Years
Circle CEO Jeremy Allaire described a yuan-backed stablecoin as a “tremendous opportunity,” stating that China could launch one within the next three to five years, potentially reshaping global stablecoin liquidity and cross-border payments.
