The High Court of England and Wales ruled that the stablecoin USDT is property

ChainCatcher news, according to Cointelegraph, the High Court of England ruled on September 12 that the stablecoin USDT is recognized as property. This is the first ruling in UK law regarding the treatment and status of cryptocurrency after a comprehensive trial. The victim's stolen cryptocurrency (including USDT) was transferred through various cryptocurrency exchanges after being mixed by a cryptocurrency mixer.

Deputy Judge Richard Farnhill stated that USDT has property rights under English law, can be traced, and is considered trust property. This ruling came after a bill proposed by the UK government, which explicitly includes NFTs, cryptocurrencies, and carbon credits within the scope of property law.

The judge noted that a ruling from the same court in 2019 (not made during the trial) indicated that cryptocurrency is considered property, which is "strong evidence." This is also consistent with the position of the Law Commission for England and Wales in its 2023 report on digital assets, which classified cryptocurrency as property.