Data shows that Tether's frozen guarantees in Binance have also affected its newer payment services

Tether freezes approximately US$39.3 million in USDTs associated with "New Currency Guarantees"

According to blockchain monitoring platform MistTrack, on September 8, 2024, Tether froze approximately US$39.3 million in USDTs at 10 Tron addresses associated with "New Currency Guarantees". Bitrace, another forensic company, counted even higher numbers: 21 addresses were involved, totaling approximately $45 million.

Among the addresses counted by Bitrace, two addresses belong to entities marked as "Xpay". This appears to be a newer payment service launched by SGIN rather than its original managed wallet.

Looking back at history, Tether froze the wallet guaranteed by Huione in the same way in July 2024. Huione's Telegram channel was removed in May 2025, and its trading volume collapsed; the Singapore coin channel was also removed on the same day, but its trading volume increased instead of decreasing.

New coin guarantee is a Chinese encryption market mainly operated on Telegram and has become one of the main monetization channels for piglet fraud and stolen cryptocurrencies in Southeast Asia. MistTrack, which first pointed out the freeze, said the move followed Tether's previous strategy against the new coin's predecessor, the bankrupt Huione Guarantee.

"Following the freezing of Huione-related funds, this appears to mark another blow to the illegal Telegram hosting platform." -- MistTrack

The freezing range may exceed the escrow wallet of new coins

MistTrack data shows that the 10 addresses involved hold a total of 39,273,713 USDTs, with balances ranging from a few dollars to 10.78 million. Bitrace, another blockchain forensics company, gave a higher total: about $45 million, spread across 21 addresses. According to Bitrace's statistics, 19 of these addresses are hung under the new coin guarantee name, and the remaining two are marked as "Xpay".

The new coin has not yet publicly launched a product called "Xpay", but the timeline coincides with the new coin Pay (XinbiPay) described by TRM Labs. According to reports, as regulators tighten supervision, Singapore Dollar launched the wallet service in 2025, aiming to get rid of its dependence on Telegram's hosting business and diversify its business. If Xpay and XinbiPay are indeed the same thing, then the freeze is the first public signal that investigators are starting to track the flow of funds in the new payment channel of the new currency, rather than being limited to the guaranteed market wallets that have been closely watched since 2022.

This model has not yet curbed the growth momentum of the new currency

Tether has previously taken action against such platform clusters. In July 2024, Tether froze 29.62 million USDT in a single wallet associated with the Huione guarantee. Huione is the larger, Cambodia-based predecessor of the new currency in the guaranteed market business. Ten months later, on May 13, 2025, Telegram removed the channels of Huione and Xincoin on the same day.

However, the subsequent performance of the two markets was quite different. According to TRM Labs, Huione's trading volume has never recovered and has stabilized at around $30 million a month, only half of its 2024 peak. In contrast, the new currency returned to Telegram under the same account, and the average daily inflow surged by nearly 90%. As of February this year, according to TRM statistics, the total transaction volume handled by the new coin was approximately US$17.9 billion, reaching US$8.9 billion in the second half of 2025 alone, which occurred after the two platforms were supposedly cut off. In comparison, even Bitrace's estimated $45 million freeze amount represents only about 0.25% of the new coin's liquidity since its launch.

It remains unclear who made the freeze decision.

Neither Tether nor the new currency stated the specific reasons for the September 8 freeze. Both MistTrack and Bitrace discovered these addresses through their respective blockchain monitoring systems, rather than through any public law enforcement instructions. This information gap has attracted more attention than ever before. On August 31, two Thai businessmen sued Tether in federal court in New York, accusing him of blacklisting their USDTs in October 2025 based on mere verbal requests from Homeland Security Agents, even when there was no search warrant at the time.

"This is an unwarranted interference in Tether's important cooperation with law enforcement agencies around the world." -- Tether responded to the lawsuit by stating

Tether said it cooperates with more than 340 law enforcement agencies in 65 countries around the world. The lawsuit has nothing to do with the new currency, but it reminds people that the public usually only learns about the reasons for Tether's freezing of wallets after the fact through external monitoring companies, rather than from Tether's own announcements.

While removing the tens of millions of dollars relied on by fraudulent networks to monetize did cause financial losses and force merchants to open new wallets, two previous attempts to squeeze this part of the guaranteed market economy-freezing Huione wallet and banning Telegram on both platforms-failed to prevent the new coin from growing into a larger survivor of the two. Whether a direct attack on its payment infrastructure will lead to different results can only be proved by the next on-chain data.