Iran's Central Bank Acquires Over $500 Million in Stablecoins to Circumvent Sanctions

Blockchain analytics firm Elliptic reported on the 21st that the Central Bank of Iran had acquired at least $507 million worth of the US dollar-pegged stablecoin USDT.

In April and May of 2025, the Central Bank of Iran made payments in UAE Dirhams to purchase USDT, and Elliptic identified the bank's wallet network involved in these transactions.

According to Elliptic's analysis, by early June 2025, the majority of the acquired USDT had been sent to Nobitex, Iran's largest cryptocurrency exchange. However, after June, there was a sudden shift in the flow of funds, and the USDT was moved through cross-chain bridge services...