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Iran’s central bank acquired over $500 million in USDT
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Funds were likely used to support the rial and settle trade
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Stablecoins helped bypass traditional banking restrictions
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Activity highlights growing state-level use of crypto
Blockchain analytics firm Elliptic says wallets linked to Iran’s central bank accumulated more than $500 million worth of USDT, likely as part of efforts to support the country’s currency and facilitate international trade.
Due to international sanctions, Iran is largely cut off from the global banking system and cannot rely on SWIFT for cross-border payments. Elliptic said the stablecoin purchases represent a structured attempt to bypass these restrictions and store dollar value outside traditional channels.
The accumulation reportedly coincided with a period of severe economic stress, when the rial lost roughly half its value in under a year. Elliptic believes the central bank may have used USDT to buy rials domestically, effectively mimicking open market operations using crypto instead of cash reserves.
Much of the activity appears to have flowed through Nobitex, Iran’s largest crypto exchange, which allows users to trade USDT for rials and other digital assets. Previous reporting has linked stablecoins to both sanctioned trade and illicit activity, though issuers like Tether have stepped up wallet freezing efforts in coordination with US authorities.
The findings underscore how stablecoins are increasingly being used not just by individuals and companies, but also by states seeking alternatives to the traditional financial system.
