Iran’s central bank has quietly built a large position in the US dollar stablecoin USDT, according to new findings from blockchain analytics firm Elliptic.
Elliptic says it identified a network of crypto wallets linked to the Central Bank of Iran. These wallets were used to acquire at least $507 million worth of USDT. The purchases took place mainly in April and May 2025 and were paid for using Emirati dirhams.
Researchers believe the true total could be higher. The estimate only includes wallets that Elliptic could link to the central bank with high confidence.
🚨 New Elliptic research: We have identified wallets used by Iran’s Central Bank to acquire at least $507 million worth of cryptoassets.
The findings suggest that the Iranian regime used these cryptoassets to evade sanctions and support the plummeting value of Iran’s currency,… pic.twitter.com/I7NHGO0wtP
— Elliptic (@elliptic) January 21, 2026
How the USDT Was Moved
At first, most of the USDT was sent to Nobitex, Iran’s largest crypto exchange. Nobitex allows users to hold USDT, trade it for other crypto assets, or convert it into Iranian rials.
This flow changed in mid 2025. After June, users sent large amounts of USDT through a cross-chain bridge. The funds moved from the Tron blockchain to Ethereum, then into other assets using decentralized exchanges. From there, the assets spread across several blockchains and centralized exchanges.
Elliptic says this shift happened around the same time Nobitex suffered a major hack. In June 2025, attackers stole about $90 million from the exchange and later destroyed the funds. After that event, the central bank appears to have changed how it handled its crypto holdings.
Thus far in 2025, on-chain incidents have led to ~$2.1B in losses.
The majority of losses have come from wallet compromises and phishing, with an increase in data leaks its important to remain vigilant. pic.twitter.com/Cjm6QFHWqX
— CertiK Alert (@CertiKAlert) May 23, 2025
Why Iran Is Using Stablecoins?
Elliptic believes the central bank turned to USDT to manage two major problems. The first was a sharp fall in the value of the rial. The second was Iran’s limited access to global banking systems.
During the period of USDT accumulation, the rial lost about half its value in less than a year. Sending USDT to local exchanges may have helped inject dollar liquidity into the market and slow the decline.
Beyond domestic support, Elliptic suggests Iran is building a financial system that works outside traditional banks. By holding USDT, the central bank can store and move dollar value without relying on SWIFT or correspondent banks.
Blockchain Leaves a Trail
Despite efforts to avoid sanctions, Elliptic notes that stablecoin activity is not hidden. Public blockchains make transactions visible and traceable.
Tether has already frozen some wallets linked to the network. In June 2025, the system blacklisted about $37 million in USDT tied to these wallets.
Why This Matters
The findings show how governments under pressure are turning to stablecoins. At the same time, they highlight a key tension in crypto. Blockchains offer new tools, but they also leave permanent records.
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