Under international sanctions pressure, the Central Bank of Iran was revealed to have acquired large amounts of USDT stablecoins last year, injecting US dollar liquidity into the domestic market through the cryptocurrency sector to support the rial exchange rate. This capital operation model has also sparked significant attention regarding the role of stablecoins.

(Background recap: Iran plans to implement “permanent network blocking,” allowing only whitelisted entities to connect to the global internet)

(Additional background: As protests in Iran intensify, citizens are transferring BTC to self-custody wallets: the local crypto ecosystem has reached a scale of $7.8 billion)

Table of Contents

• Injecting US dollar liquidity via USDT
• “Digital US dollar accounts” under sanctions
• Shift to decentralized operations after hacker incidents
• Transparency of stablecoins as a regulatory tool

The UK-based blockchain intelligence firm Elliptic’s latest research reveals that the Central Bank of Iran (CBI) acquired over $500 million worth of stablecoin USDT last year, and through cryptocurrency market operations, injected US dollar liquidity into the domestic economy to support the Iranian rial exchange rate, while also serving as an alternative settlement tool to bypass international financial sanctions.

🚨 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

Injecting US dollar liquidity via USDT

Elliptic states that during 2025, the Central Bank of Iran accumulated at least $507 million in USDT. All related assets had been fully moved out of wallets directly associated with the central bank by the end of last year, and no clearly marked USDT remains.

According to Elliptic’s analysis, after the Central Bank of Iran obtained USDT, most of the funds were transferred into Iran’s largest cryptocurrency exchange, Nobitex. The research suggests that this indicates the Iranian authorities intend to indirectly inject dollar-equivalent liquidity into the local financial system through the crypto asset market, alleviating pressure from rial devaluation.

Elliptic points out in the report that such operations effectively create an alternative “dollar pipeline” under sanctions, helping the Iranian government stabilize the foreign exchange market.

“Digital US dollar accounts” under sanctions

In addition to supporting the local currency exchange rate, the research also suggests that USDT is used by Iran as an international trade settlement tool. Due to long-term international sanctions preventing Iran from using global financial settlement systems like SWIFT normally, stablecoins have become an alternative for cross-border payments.

Elliptic describes that the Central Bank of Iran essentially views USDT as a “digitalized off-balance-sheet US dollar account,” allowing it to store and transfer dollar value without relying on traditional banking systems, thereby reducing the impact of sanctions on its financial activities.

Shift to decentralized operations after hacker incidents

The report also notes a significant change in fund flows around June 2025. At that time, Nobitex was attacked by pro-Israeli hackers, resulting in losses exceeding $90 million in crypto assets.

Following the incident, wallets related to the Central Bank of Iran began using cross-chain bridges to convert TRON-based USDT into Ethereum versions, which were further transferred to decentralized exchanges, exchanged for other digital assets, and then dispersed across different blockchains and centralized platforms. This indicates a move toward more dispersed and covert fund operations.

Transparency of stablecoins as a regulatory tool

It is worth noting that Elliptic emphasizes that the traceability and programmability of stablecoins actually make sanctions enforcement more efficient. The report states that Tether froze some wallets related to the Central Bank of Iran last June, involving approximately $37 million.

Tether reiterated its zero-tolerance policy toward any illegal use and cooperates with law enforcement agencies worldwide. To date, it has helped freeze over $3.8 billion in suspicious assets across 62 countries and more than 310 entities.

Analysts point out that this event highlights the dual role of cryptocurrencies and stablecoins in international finance and geopolitical contexts: on one hand, providing financial flexibility for sanctioned countries; on the other, offering unprecedented transparency and traceability for regulators and law enforcement agencies.