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Blockchain analytics agency Elliptic has reported that the Central Financial institution of Iran (CBI) bought about $507 million value of Tether’s USDT
$0.9997
.
Based on Elliptic’s report, the CBI started amassing USDT throughout a time of financial instability.
The report acknowledged, “The CBI’s accumulation of USDT started in earnest throughout a interval of utmost financial volatility”.
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Over an eight-month interval, the rial’s value dropped by half in comparison with the US greenback. To gradual this decline, the financial institution could have began utilizing its Tether holdings to purchase again rials on the Iranian crypto change Nobitex.
Elliptic’s knowledge reveals that the Iranian central financial institution doubtless used Nobitex, one of many nation’s largest crypto exchanges, to deal with its USDT transactions.
The partnership continued till June 2025, when Nobitex skilled a safety breach.
After that, the CBI modified its strategy earlier than exchanging them for different belongings and shifting them throughout a number of blockchains and buying and selling platforms. They transferred their stablecoins “to a cross-chain bridge service to maneuver the funds from TRON
$0.2994
to Ethereum
$3,010.72
“.
The report additionally famous that Tether can freeze wallets holding USDT. Elliptic cited an incident from June 2025 when “a number of wallets linked to the CBI had been blacklisted”, which froze round $37 million value of stablecoins.
Not too long ago, a Chainalysis report confirmed that Iran’s cryptocurrency exercise reached about $7.8 billion in 2025. How? Learn the complete story.
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