Iran’s central bank has quietly built a large position in US dollar stablecoin USDT, according to new findings from blockchain analytics firm Elliptic.
Elliptic claims to have 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 in Emirati dirhams.
Researchers believe the true total may be higher. The estimate only includes wallets that Elliptic could confidently link to the central bank.
🚨 New Elliptic Research: We identified wallets used by the Iranian Central Bank to acquire at least $507 million in cryptoassets.
The results suggest that the Iranian regime used these cryptoassets to evade sanctions and support the fall in the value of the Iranian currency,… pic.twitter.com/I7NHGO0wtP
– Elliptique (@elliptique) January 21, 2026
How USDT Moved
At first, most of the USDT was sent to Nobitex, Iran’s largest crypto exchange. Nobitex allows users to hold USDT, exchange it for other crypto assets, or convert it to Iranian rials.
This flow changed in mid-2025. After June, users sent large amounts of USDT via a cross-chain bridge. Funds were transferred from the Tron blockchain to Ethereum and then to other assets via decentralized exchanges. From there, assets spread across multiple blockchains and centralized exchanges.
Elliptic claims that this change happened around the same time that Nobitex suffered a major hack. In June 2025, attackers stole approximately $90 million from the exchange and subsequently destroyed the funds. After this event, the central bank appears to have changed the way it manages its cryptocurrency holdings.
So far in 2025, chain incidents have resulted in losses of approximately $2.1 billion.
The majority of losses come from wallet compromises and phishing. With data breaches on the rise, it is important to remain vigilant. pic.twitter.com/Cjm6QFHWqX
– CertiK Alert (@CertiKAlert) May 23, 2025
Why does Iran use Stablecoins?
Elliptic believes that the central bank has turned to USDT to manage two major problems. The first was a sharp decline in the value of the rial. The second was Iran’s limited access to global banking systems.
During the USDT accumulation period, the rial lost approximately half of 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 that Iran is building a financial system that operates outside of traditional banks. By holding USDT, the central bank can store and move dollar value without relying on SWIFT or correspondent banks.
Blockchain leaves a trace
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. As of June 2025, the system blacklisted approximately $37 million in USDT tied to these wallets.
Why it matters
The results show how governments under pressure are turning to stablecoins. At the same time, they highlight a key tension in cryptography. Blockchains offer new tools, but they also leave permanent traces.
Disclaimer
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