Stablecoin issuers have dramatically different approaches to asset freezing. Between 2023 and 2025, Tether wielded its blacklisting powers far more aggressively than competitors—freezing around $3.3 billion in crypto holdings versus Circle's $109 million, creating a stark 30x disparity. Over the same period, Tether blacklisted 7,268 addresses, with more than 2,800 of these actions concentrated in a single year alone. The data highlights how stablecoin operators exercise varying levels of control over their networks, raising questions about centralization trade-offs and regulatory compliance strategies in the stablecoin ecosystem.