Iran’s central bank accumulated at least $507 million worth of Tether (USDT) during April and May 2025, according to blockchain analytics firm Elliptic, highlighting how the country is increasingly turning to crypto to manage economic pressure and financial isolation. Elliptic traced the activity to wallets linked with high confidence to the Central Bank of Iran, revealing a coordinated strategy to acquire dollar-pegged stablecoins while bypassing restricted banking channels.
The purchases originated from Iran, the United Arab Emirates, and public blockchain infrastructure, with transactions largely settled in Emirati dirhams before being converted into USDT on the TRON blockchain. This approach allowed Iranian entities to quickly access dollar-linked liquidity at a time when the Iranian Rial was rapidly losing value. Reports indicated the Rial had halved within roughly eight months, increasing pressure on monetary authorities to stabilize the currency through alternative means.
Elliptic’s analysis mapped a broader wallet network associated with Iran’s central bank, although researchers emphasized that the $507 million figure reflects only addresses attributed with high confidence, suggesting the true exposure could be higher. Early transaction flows showed that a significant portion of USDT was routed to Nobitex, Iran’s largest crypto exchange, where the stablecoin could be held, traded, or converted into rials, effectively injecting dollar liquidity into the domestic market.
Transaction patterns shifted after a major security breach at Nobitex on June 18, 2025, when hackers stole $90 million in cryptoassets. Following the incident, USDT movements increasingly relied on cross-chain bridges, moving funds from TRON to Ethereum and through decentralized exchanges and centralized platforms, reducing reliance on local infrastructure and extending activity into late 2025.
Despite efforts to obscure fund management, blockchain transparency enabled ongoing monitoring. Tether blacklisted several wallets linked to Iran’s central bank in mid-June 2025, freezing around $37 million in USDT. Separately, TRM Labs later reported that Iran’s IRGC moved close to $1 billion in crypto between 2023 and 2025. Together, these findings underscore how crypto is reshaping sanctions evasion, while public ledgers continue to expose and constrain such strategies.
