#How is Iran's Central Bank Managing Its Currency?
Iran’s central bank has strategically acquired over $507 million in USDT to navigate international sanctions and maintain access to offshore dollar liquidity. A recent analysis by a blockchain analytics firm has linked a series of crypto wallets to the Central Bank of Iran, uncovering a calculated plan designed to circumvent conventional banking systems.
The investigation into this financial maneuver revealed that in April and May 2025, the central bank conducted two significant purchases of USDT using Emirati dirhams. This move allowed the bank to funnel stablecoins into the Iranian market, thereby seeking to stabilize the country’s weakening currency, the rial.
#What Shifted in Iran’s Strategy?
Following a major security breach in June 2025 on Nobitex, the largest cryptocurrency exchange in Iran, where a pro-Israel group caused losses of approximately $90 million, the central bank altered its approach. The funds were subsequently transferred through cross-chain bridges from TRON to Ethereum. They were converted on decentralized exchanges before being passed through centralized platforms.
This chain of transactions, while designed to obfuscate the source and destination of funds, remains traceable. The intent behind these transactions was likely to utilize USDT for market operations and international trade, establishing a digital eurodollar-like system less susceptible to seizure, particularly amid the rial's dramatic decline and simultaneous barriers to SWIFT and US dollar transactions.
#Can We Trust the Stability of the Rial?
Despite extensive efforts to conceal these activities, the underlying infrastructure was not entirely foolproof. In June 2025, Tether took action by freezing $37 million linked to the central bank, raising questions about the reliability of this approach to stabilize Iran's currency. As the rial continued to struggle, strategic stabilization efforts through cryptocurrency could become crucial for Iran’s economic landscape.