Iran's IRGC Controlled 50% of Nation's Crypto Activity in Q4 2025, Favoring Stablecoins Over Bitcoin

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According to Chainalysis Senior Intelligence Analyst Kaitlin Martin, Iran's Islamic Revolutionary Guard Corps (IRGC) controlled approximately 50% of the country's total cryptocurrency activity in the fourth quarter of 2025. The IRGC's tracked crypto operations grew from $2 billion to $3 billion in 2025. Martin noted in an interview with BeInCrypto that while Bitcoin garners headlines, stablecoins—rather than BTC—are doing most of the heavy lifting in Iran's crypto economy. She explained that stablecoins' dollar peg and rapid cross-border payment capabilities make them attractive for a heavily sanctioned economy with limited access to global dollar liquidity, with sanctions records and seizure orders showing the regime using stablecoins extensively for trade and procurement at scale.
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