Tether Crackdown Pushes Xinbi-Linked Holdings Above $45 Million Toward USDD

A Tether enforcement action involving more than $45 million in holdings linked to Xinbi has been followed by a proposed shift toward USDD, according to blockchain intelligence firm Bitrace and reporting by CryptoSlate. The sanctioned marketplace has announced plans to operate on a USDD-only basis. The development highlights how restrictions affecting centralized stablecoins can prompt activity linked to illicit marketplaces to move toward decentralized alternatives that are presented as harder to freeze. Bitrace places the value of the targeted Xinbi-linked holdings above $45 million, while the marketplace’s USDD-only plan marks a change in its stated settlement preference. USDD is the stablecoin named in the announcement. The report does not provide further details on the timing or implementation of the transition.