USDT is gradually demonstrating a "hidden layer of control" over the on-chain market. BlockSec reports that Tether blacklisted 371 addresses and froze approximately $515 million in 30 days, with the majority concentrated on TRON , exceeding $500 million. A portion of the funds was also traced to scam models such as DSJ and BG Wealth, according to analysis from ZachXBT. Notably, stablecoins are no longer outside the regulatory system, but are becoming part of the market response mechanism. Observations on BingX show that such freezes directly impact investor sentiment, essentially becoming a new macroeconomic variable in crypto. # Tether