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A new investigation by blockchain transaction analysis firm Elliptic reveals that the Central Bank of Iran (CBI) purchased at least $507 million in USDT, a digital stablecoin pegged to the U.S. dollar, and used it as a tool to bypass international sanctions.
The report provides a practical model of how sanctioned countries create a hidden financial layer that operates outside the traditional banking system.
Elliptic said it has mapped out central bank-related portfolio structures based on leaked documents, and that USDT has two main uses:
- Intervene in the local foreign exchange market.
- Conduct trade settlements in a manner that is less subject to sanctions.
Network data shows that as of June 2025, the central bank is transferring a large amount of USDT to the “Nobitex” platform (Iran’s largest digital currency trading platform), with the purpose of injecting U.S. dollar liquidity into the local market to support the rial during a period of severe economic turmoil.
Meanwhile, the report said authorities collected USDT to establish something akin to an off-the-books digital euro-dollar account, allowing for the establishment of a semi-closed settlement system to make import payments and collect export proceeds in U.S. dollar equivalents while minimizing the risk of asset seizures through traditional banking channels.
But this approach suddenly changed after “Nobitex” was hacked in June 2025, claiming the platform was hacked by a pro-Israel party that described the platform as a vehicle for sanctions violations.
The central bank has since stopped routing funds through the platform, instead using cross-network bridges and decentralized platforms to move assets and hide their path to a greater extent.
Despite its attempts to avoid restrictions, Elliptic stressed that the activity is not entirely invisible, as the stablecoin operates on a public network that can be tracked analytically.
The report also highlighted a sensitive point:
Issuers of stablecoins have direct influence.
On June 15, 2025, Tether blocked the wallet linked to the Central Bank of Iran and froze approximately $37 million in USDT, which shows that stablecoins provide evasion capabilities on the one hand, and provide a central control point on the other.
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