The Iranian central bank has accumulated more than $507 million in USDT to evade sanctions and access offshore dollar liquidity, according to blockchain analytics firm Elliptic.
The report links a network of wallets to the Central Bank of Iran, revealing a coordinated strategy to circumvent traditional banking channels. Leaked documents detail two USDT Purchases in April and May 2025, paid in Emirati dirhams.
The funds initially flowed through Nobitex, Iran’s largest cryptocurrency exchange, likely to inject stablecoins into the local market and stabilize the collapsing rial.
Following a June 2025 hack of Nobitex by pro-Israel group Gonjeshke Darande, which destroyed $90 million in crypto, the central bank changed tactics. Funds were transferred via cross-chain bridges from TRON to Ethereum, converted on decentralized exchanges, and routed via centralized exchanges.
Elliptical suggests that the central bank used USDT for open market operations and cross-border trade, treating it like an elusive digital Eurodollar system. This coincided with the halving of the rial’s value, creating pressure to stabilize the currency amid a blockage of access to SWIFT and US dollar clearing.
Despite attempts at concealment, the infrastructure remained traceable. In June 2025, Tether froze $37 million in central bank-linked wallets.
