Iran Central Bank Buys $507M USDT to Stabilize Rial

Iran's Central Bank acquired at least 507 million worth of Tether's USDT stablecoin in 2025, using the digital asset to inject dollar-linked liquidity into the local market and stabilize the plummeting rial amid severe economic pressures and international sanctions, according to blockchain analytics firm Elliptic.

The purchases began in earnest during the spring of 2025, particularly in April and May, as the rial halved in value over eight months, reaching record lows against the U.S. dollar. Officials paid for the USDT using Emirati dirhams and routed the funds through public blockchains. Elliptic identified a network of wallets controlled by the Central Bank of Iran with high confidence, noting that the 507 million figure represents a conservative minimum.

Initially, much of the USDT flowed into Nobitex, Iran's largest cryptocurrency exchange, where it could be held, swapped for other assets or converted into rials. This approach allowed the central bank to perform open market operations, effectively bolstering domestic foreign exchange markets and slowing the rial's depreciation. The strategy appeared to yield short-term results, with the rial strengthening against the dollar...