The Central Bank of Iran has purchased stablecoins, specifically USDT, worth $507 million, according to analysts at Elliptic.
🚨 New Elliptic research: We have identified wallets used by Iran's Central Bank to acquire at least $507 million worth of cryptoassets.
— Elliptic (@elliptic) January 21, 2026
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
The majority of these funds were acquired in the spring of 2025. With sanctions in place and disconnection from the SWIFT system, cryptocurrencies have become the only alternative for international bank transfers for the country.
According to the analysis, prior to a hack in June, most of the Central Bank's funds were directed to Nobitex, Iran's largest cryptocurrency exchange for trading and selling digital assets for the local currency (Iranian rial).
Following the cyberattack on the platform, the bank changed its strategy, adopting a more complex approach using decentralized cross-chain bridges and DEX, primarily within two networks: TRON and Ethereum.
The regulator converted assets and moved them between blockchains before finally transferring them to centralized platforms.
Why Does Iran's Central Bank Need USDT?
Experts link the Central Bank of Iran's aggressive accumulation of stablecoins to economic instability. The buildup of reserves occurs amid a collapse of the national currency.
"The primary motivation for purchasing USDT is the desire to control currency markets. This aligns with blockchain activity. The allocation of funds to Nobitex indicates a strategy to inject dollar liquidity into the local market to support the rial," they noted.
Analysts believe the Central Bank attempted to halt the decline of the Iranian rial by buying fiat with USDT on the exchange. The regulator used stablecoins for open market operations, which are typically conducted using currency reserves.
Elliptic suggests that the Central Bank is also establishing a "sanction-proof" banking mechanism. By utilizing stablecoins as a substitute for offshore accounts, Iran is creating a parallel financial infrastructure to store dollar value beyond the reach of U.S. regulators.
Stablecoins remain a key tool for illicit operations. According to Chainalysis, in 2025, over $154 billion flowed into illegal crypto wallets, with a significant portion attributed to fiat-pegged assets.
Stablecoins are also frequently used to circumvent sanctions. For instance, 80% of Venezuela's oil revenue is converted into USDT.
It is worth noting that amid widespread protests and the decline of the Iranian rial, citizens have sharply increased their withdrawals of Bitcoin from exchanges to personal wallets.