Iran’s central bank built a $507M USDT reserve to stabilize the rial, bypassing sanctions through blockchain and cross-chain routes.
Iran’s central bank has accumulated $507 million in Tether’s USDT to stabilize the rial. The purchase took place in April and May 2025, bypassing traditional banking channels.
These transactions were traced through the UAE and public blockchains, using payments in Emirati dirhams.
This strategy helped Iran access dollar-linked assets, avoiding the country’s financial sanctions.
The Accumulation of USDT A Strategy to Support the Rial
According to Elliptic’s research, Iran’s central bank began acquiring USDT through wallets tied to the country.
Transactions involved Emirati dirhams, which were then exchanged on TRON blockchain, forming a significant reserve.
The total amount of USDT accumulated reached at least $507 million, illustrating Iran’s attempt to stabilize its national currency.
🇮🇷 The Central Bank of Iran acquired $500M+ in USDT, likely to support the rial and enable settlements under sanctions, according to Elliptic.
🧑🏭Key facts:
• At least $507M USDT accumulated in April–May 2025
• Purchases reportedly settled via AED (UAE dirhams)
• Funds… pic.twitter.com/zzeDy8KpIZ— Constantin Kogan (@constkogan) January 21, 2026
This move occurred as the rial faced significant devaluation, with reports citing the currency halving in value within a short period.
Iran’s central bank used USDT to counter these pressures, aiming to access more stable dollar-linked assets.
The accumulation process involved cross-border transactions and payments made through the UAE, aiming to bypass restrictions imposed by traditional financial systems.
Shift to Cross-Chain Transactions Amid Security Concerns
Initially, Iran used Nobitex, the country’s largest crypto exchange, to handle much of the USDT flow.
Nobitex allowed users to store USDT and convert it to trials. However, the flow of USDT changed in June 2025, as funds began moving from TRON to Ethereum through cross-chain bridges.
This shift came after Nobitex experienced a major security breach. In June, hackers stole $90 million in crypto assets from the platform.
Following this attack, Iran’s central bank started moving its USDT through other platforms, hoping to reduce risks and secure its assets more effectively.
Related Reading: Iran Arms Export Agency Proposes Crypto Payments for Missile and Drone Sales
Blockchain Transparency and Sanctions Enforcement
Despite Iran’s efforts to manage funds outside traditional systems, blockchain transparency exposed the movement of its USDT.
Public ledgers on TRON and Ethereum allowed investigators to trace these transactions. As a result, Tether blacklisted several wallets linked to Iran’s central bank, freezing approximately 37 million USDT.
Central Bank of Iran bought $507m in USDT to support the value of the Iranian Rial.
→ Paid in AED dirhams
→ Received USDT on Tron
→ Moved to Nobitex (Iran's biggest exchange)
→ Bridge from Tron to Ethereum
→ Sold for rials to support their fiat-shitcoinIt worked as Rial… pic.twitter.com/hvQztWWcwK
— Ignas | DeFi (@DefiIgnas) January 21, 2026
Blockchain data played a critical role in revealing Iran’s crypto transactions. While Iran sought to bypass traditional banking channels, blockchain visibility made it difficult to remain undetected.
Enforcement actions followed, disrupting parts of the wallet structure and preventing further use of some assets.
