The reason for the Bank of Iran’s purchase of 507 million USDT has become known, 2026/01/22 10:27:50

The Central Bank of Iran purchased $507 million worth of USDT stablecoins in order to control the local foreign exchange market amid growing economic instability in the country, Elliptic analysts said.

The Bank of Iran bought most of the acquired stablecoins last spring. Due to international sanctions, digital assets have become the only alternative to cross-border bank transfers for the local economy, analysts explained.

Previously, the Central Bank of Iran sent the purchased stablecoins to the country’s largest cryptocurrency exchange Nobitex for exchange and sale for local currency (rial). After the hacker attack on Nobitex in June 2025, the regulator changed its strategy and began using decentralized platforms, converting assets and moving them between the Ethereum and Tron networks, Elliptic experts reported.

“The main motivation for buying USDT is the desire to control the foreign exchange markets. This is consistent with blockchain activity. The allocation of funds to Nobitex indicated a strategy to inject dollar liquidity into the local market to support the rial,” the analysts said.

By using USDT stablecoins as an analogue of offshore accounts, the Iranian regulator is trying to create a parallel financial infrastructure beyond the reach of the US authorities, trying to keep the economy from collapsing, Elliptic experts concluded.

Earlier, Chainalysis specialists reported that the use of cryptocurrencies in Iran has increased sharply due to mass protests. Iranians have begun to buy bitcoins more often, trying to maintain savings in the face of economic instability.