Blockchain intelligence firm Elliptic has published research revealing that the Central Bank of Iran (CBI) acquired at least $507 million in Tether's USDT stablecoin over the past year. The findings, based on leaked documents and wallet analysis, indicate a systematic effort by the Iranian regime to use cryptocurrency to bypass international sanctions, support its domestic currency, and settle international trade.
Elliptic identified a network of cryptocurrency wallets used by the CBI to receive the USDT. The acquisition occurred primarily through two large purchases in April and May 2025, paid for in UAE dirhams via an entity suspected to be a crypto broker called Modex. The firm notes the $507 million figure is a "lower bound," as it excludes wallets that could not be attributed to the central bank with high confidence.
The primary stated purpose of the USDT accumulation was to stabilize the Iranian rial, which had plummeted to a record low against the U.S. dollar. Elliptic's analysis shows the CBI routed a significant portion of the funds to Nobitex, Iran's largest cryptocurrency exchange, to inject US dollar liquidity into the local market and "perform open market operations that would usually be conducted with cash reserves."
This strategy shifted after a major hack in June 2025, when pro-Israel hackers (Gonjeshke Darande) drained over $90 million from Nobitex's hot wallets. Following the exploit, CBI-linked wallets began using cross-chain bridge services to convert TRON-based USDT to Ethereum-based USDT. The funds were then sent to various decentralized exchanges, converted into other digital assets, and moved across blockchains and to centralized exchanges. By the end of 2025, the identified $507 million in USDT had left the CBI-linked wallets.
Elliptic's report suggests Iran is constructing a "sanctions-proof' banking mechanism" by treating USDT as "digital off-book eurodollar accounts," creating a shadow financial layer outside the reach of U.S. authorities. However, the firm also highlights that the transparency of blockchain technology enabled Tether to freeze approximately $37 million in USDT from CBI-associated wallets in June 2025. Tether reiterated its zero-tolerance policy towards illicit activity, noting it has collaborated with over 310 law enforcement agencies across 62 countries to freeze more than $3.8 billion in assets linked to criminal activity.
