Iran's Central Bank has invested $507 million in stablecoins to combat currency instability amid ongoing sanctions.
The Central Bank of Iran has reportedly acquired stablecoins, particularly USDT, totaling $507 million, according to recent findings by Elliptic.
🚨 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
Most of these purchases were made in the spring of 2025, a period marked by stringent sanctions and a disconnection from the SWIFT system, making cryptocurrencies essential for international transactions.
Prior to a cyberattack on Nobitex, Iran's leading cryptocurrency exchange, the Central Bank's funds were predominantly funneled there for trading purposes. Post-attack, the bank altered its operational methods, engaging decentralized finance platforms and utilizing cross-chain transactions, mainly across TRON and Ethereum networks.
Reasons Behind Stablecoin Acquisition
Experts attribute the Central Bank of Iran's substantial acquisition of stablecoins to ongoing economic turmoil and the depreciation of the national currency. The strategy aims to manage currency fluctuations and stabilize the rial.
Analysts suggest that by purchasing USDT, the Central Bank is attempting to prop up the rial by injecting dollar liquidity into the local market. This tactic reflects a shift towards employing stablecoins for market operations typically reserved for traditional currency reserves.
Elliptic posits that the Central Bank is constructing a "sanction-proof" financial system through stablecoins, thereby enabling the country to maintain dollar value outside of U.S. jurisdiction. The utilization of stablecoins in illicit operations is notable, with significant flows into illegal crypto wallets documented in recent years.
Furthermore, amidst the decline of the rial and rising public dissent, there has been a notable increase in citizens withdrawing Bitcoin from exchanges into personal wallets, highlighting a shift in public sentiment towards digital assets.
