Catenaa, Wednesday, January 28, 2026-Iran’s central bank acquired more than $500 million worth of the US dollar pegged stablecoin USDT over the past year, likely to support the rial and settle trade outside the global banking system, according to blockchain analytics firm Elliptic.
Elliptic said its analysis shows the Central Bank of Iran accumulated at least $507 million in USDT through a network of wallets, reflecting a structured effort to operate beyond traditional financial channels. Sanctions prevent Iran from accessing the SWIFT messaging system and much of the international banking network.
The firm said the stablecoin purchases likely coincided with efforts to stabilize the rial during a period of sharp economic stress. Over an eight month stretch last year, the currency lost about half its value against the dollar, reaching record lows. Elliptic assessed that Iran may have used USDT to buy rials on domestic crypto platforms, mirroring central bank market operations typically carried out with foreign cash reserves.
Much of the activity appeared linked to Nobitex, Iran’s largest cryptocurrency exchange, which allows users to hold USDT, convert it into other digital assets or sell it for local currency. Nobitex suffered a major security breach last year, with attackers withdrawing up to $90 million from its hot wallets, according to prior reporting.
The findings follow reports that entities linked to Iran’s Revolutionary Guard used overseas registered crypto exchanges to move large sums since 2023, with most transfers settled in USDT.
Elliptic said the activity points to the creation of a parallel financial system designed to hold dollar value beyond the reach of sanctions enforcement.
Summary: Iran’s central bank accumulated more than $500 million in USDT to support the rial and conduct trade outside the global banking system, Elliptic reported.
