Iran's Central Bank Secures $507M in USDT to Bolster the Rial
Iran's Strategic Acquisition of USDT
In a significant move, Iran's central bank procured at least $507 million in Tether's USDT during April and May 2025, as reported by Elliptic. The transactions, conducted through payments in Emirati dirhams, aimed to stabilize the Rial amid banking restrictions.
Tracing the USDT Accumulation
Elliptic's researchers identified wallets linked to Iran's Central Bank, noting transaction patterns and documentation that indicated payments were converted from AED to USDT on the TRON network. The compiled data reveals these wallets amassed a substantial reserve, with at least $507 million in USDT attributed to them with high confidence.
This strategic reserve was accumulated during a period of significant depreciation of the Rial, which reportedly lost half its value in eight months. The central bank appeared to be seeking expedited access to dollar-linked assets beyond traditional banking avenues.
Transition from Local to Cross-Chain Transfers
Initially, the majority of USDT was funneled to Nobitex, Iran's primary crypto exchange, enabling users to hold, trade, or liquidate USDT for rials. This method suggested a direct infusion of dollar liquidity into Iran's economy.
However, by June 2025, the pattern shifted. Transfers transitioned from TRON to Ethereum via a cross-chain bridge, involving decentralized exchanges and other platforms. This change extended through late 2025, following a security breach at Nobitex where $90 million in crypto was stolen and rendered inaccessible by hackers.
Sanctions and Regulatory Actions
The use of USDT by Iran was driven by the need to counteract currency devaluation and trade settlement barriers. Despite these efforts, blockchain transparency allowed for transaction tracking. Consequently, Tether blacklisted several wallets linked to Iran's Central Bank, freezing approximately 37 million USDT on June 15, 2025. Further reports indicated that Iran's IRGC moved nearly $1 billion in crypto assets between 2023 and 2025.
As Iran's central bank continued to build its USDT reserve, Elliptic's analysis of blockchain data illuminated the accumulation and subsequent regulatory interventions that exposed and restricted parts of this financial structure.