Iran's Central Bank Acquired $507M in Tether’s USDT Stablecoin: Elliptic
The Central Bank of Iran acquired at least $507 million in USDT stablecoin over the past year to stabilize the Iranian rial and facilitate international trade amid sanctions. UK blockchain intelligence firm Elliptic traced these transactions using leaked documents and crypto wallet analysis, revealing systematic USDT accumulation via entities like possible crypto broker Modex, with payments made in UAE dirhams. Initially, most USDT was deposited into Iranian exchange Nobitex, but after a $90 million hack in June 2025, the central bank began converting USDT across blockchains and through decentralized exchanges before moving funds out of identified wallets by the end of 2025. Elliptic warns this $507 million figure is a minimum estimate. The research suggests the strategy aimed both to inject US dollar liquidity locally to prop up the rial and create a sanctions-resistant financial channel for international transactions, using USDT as an off-the-books dollar equivalent. Despite these activities, Tether responded by freezing CBI-linked wallets and emphasizes active cooperation with global law enforcement against illicit use of its tokens.
