Iran’s central bank accumulated more than $507 million in USDT to evade sanctions and access offshore dollar liquidity, according to blockchain analytics firm Elliptic.

The report links a network of wallets to the Central Bank of Iran, revealing a coordinated strategy to bypass traditional banking rails. Leaked documents detail two USDT purchases in April and May 2025, paid in Emirati dirhams.

The funds initially flowed through Nobitex, Iran’s largest crypto exchange, likely to inject stablecoins into the local market and stabilize the collapsing rial.

Following a June 2025 hack on Nobitex by the pro-Israel group Gonjeshke Darande, which destroyed $90 million in crypto, the central bank shifted tactics. Funds were moved through cross-chain bridges from TRON to Ethereum, converted on decentralized exchanges, and routed through centralized exchanges.

Elliptic suggests the central bank used USDT for open market operations and cross-border trade, treating it as a digital eurodollar system immune to seizure. This coincided with the rial halving in value, creating pressure to stabilize the currency amid blocked access to SWIFT and US dollar clearing.

Despite attempts at obfuscation, the infrastructure remained traceable. In June 2025, Tether froze $37 million in wallets linked to the central bank.