Blockchain analytics firm Elliptic reported on January 21, 2026, that the Central Bank of Iran (CBI) has acquired at least $507 million in USDT, a stablecoin pegged to the U.S. dollar. This acquisition was likely an effort to prop up the Iranian Rial and to facilitate international trade settlements, particularly given the sanctions that limit Iran's access to the global financial system.
Elliptic's analysis, which was based on leaked documents and blockchain data, mapped over 50 wallet addresses linked to Iran's Central Bank. The report indicated that the $507 million figure should be considered a lower bound, as the analysis only included wallets with confirmed links to the CBI. According to the report, the CBI made two major purchases of USDT in April and May 2025, using Emirati Dirhams (AED).
The Iranian Rial has faced significant devaluation, losing half its value in just eight months during 2025, reaching 1.47 million rials per dollar by January 2026. In comparison, when Iran signed the 2015 nuclear agreement, the rial traded at approximately 32,000 per dollar. The CBI's acquisition of USDT appears to be an attempt to stabilize the Rial by injecting dollar liquidity into local markets, effectively bypassing restrictions imposed by international sanctions. Elliptic described this strategy as creating "digital off-book eurodollar accounts" that operate outside the reach of U.S. financial authorities.
Until June 2025, the majority of the acquired USDT was routed through Nobitex, Iran's largest cryptocurrency exchange, which handled approximately 87% of the country's crypto transaction volume. However, following a hack of Nobitex in mid-June 2025 by a pro-Israel group, the flow of funds shifted away from Iranian exchanges and towards cross-chain bridges, transferring assets from Tron to Ethereum. Elliptic tracked conversions through decentralized exchanges (DEX) and centralized exchanges (CEX) following this shift.
On June 15, 2025, Tether reportedly blacklisted several wallets linked to the CBI, freezing 37 million USDT. Elliptic's investigation highlights the increasing use of stablecoins as state-level financial tools in countries with restricted access to traditional banking systems. This trend is likely to increase regulatory and geopolitical scrutiny of dollar-pegged tokens.
