The lawsuit alleged that Tether froze USDt funds in a Conduit wallet tied to an investigation launched by Brazilian authorities in 2024.
Cross-border payments platform Conduit Technology alleged that stablecoin issuer Tether froze $2.76 million in USDt (USDT) without explanation in September 2025.
In a complaint filed in the US District Court for the Southern District of New York on Monday, Conduit said that Tether froze funds belonging to the company to which it had “no legal entitlement” and “no claim.” The company said it began holding USDt as part of its digital treasury wallet in May 2025, alleging that Tether froze all $2.76 million of the stablecoin in September with “no justification” — an action Conduit claimed “materially impacted its business.”
“The funds are unequivocally Conduit’s, but Tether has taken them and is denying Conduit access to them,” alleged Conduit in the complaint, adding: “Tether is not allowed to take money from businesses just because they chose to store that money in Tether’s currency.”
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