Hassan Maishera
TL;DR
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Iran’s central bank purchased at least $507 million in Tether’s USDT stablecoin, according to Elliptic.
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The report added that the move was a sophisticated effort to bypass the global banking system and manage foreign exchange markets.
The Central Bank of Iran (CBI) Purchases $507 Million of USDT
Blockchain analytics firm Elliptic has revealed that the Central Bank (CBI) of Iran bought $507 million of Tether's USDT stablecoin.
According to the report, the CBI made the acquisition with the primary purpose of manipulating foreign exchange markets and bolstering the value of the rial, which recently traded at 1.4 million for one U.S. dollar.
Elliptic added that it uncovered the purchases through two leaked documents that allowed researchers to map out the central bank’s wallet infrastructure. The documents revealed a systematic accumulation of USDT totaling at least half a billion dollars, indicating a sophisticated strategy to bypass the global banking system.
The CBI made the move after the United Nations imposed sanctions on Iran in 2025, reinstating those related to the country's nuclear program that had been lifted in 2015.
Cryptocurrencies have become a means for sanctioned countries to navigate international trade. According to a Chainalysis report, U.S.-sanctioned countries had received nearly $16 billion in digital assets in 2024.
In his report, Tom Robinsoon stated that,
“We’re seeing increased use of U.S. dollar stablecoins for sanctions evasion and mitigation, particularly involving Iran, Russia and North Korea. These repressive regimes are attempting to exploit crypto to prop up their economies.
We can't tell whether the Central Bank of Iran still holds any USDT. It was mostly sent to Nobitex, and we don't have visibility beyond that, although it appears likely that it was sold for rials.”
Nobitex, an Iranian crypto exchange, was hacked seven months ago by a group suspected to be linked to Israel.
Robinson added that, in addition to using USDT to purchase Rial on forex exchanges to slow down its collapse, the CBI is also constructing a 'sanctions-proof' banking mechanism that replicates the utility of international dollar accounts.
“By treating USDT as ‘digital off-book eurodollar accounts’, the regime creates a shadow financial layer capable of holding U.S. dollar value outside the reach of US authorities,” he concluded.
