Iran's Central Bank secretly accumulates $500 million in stablecoin reserves

Source: TokocryptoBlog Original Title: Exposed! Iran Central Bank Accumulates Rp8 Trillion in Stablecoins Original Link: https://news.tokocrypto.com/terbongkar-bank-sentral-iran-kumpulkan-stablecoin-rp8-triliun/ According to a report by blockchain analysis firm Elliptic, the Central Bank of Iran(CBI) is secretly accumulating over $500 million in stablecoin reserves.

Key Findings

Elliptic’s analysis indicates that at least $507 million worth of USDT stablecoins are directly linked to CBI’s blockchain wallets. The analysis was led by Elliptic founder and chief scientist Dr. Tom Robinson, through high-confidence wallet network mapping. This figure is considered a minimum estimate, as it only includes wallets that can be explicitly identified.

The USDAT funds are reportedly flowing into Iran’s largest crypto exchange, Nobitex, and are subsequently stored, traded, or converted into rials.

Analysis of Accumulation Reasons

The activity of accumulating stablecoins is related to the significant pressure faced by Iran’s currency. The Iranian rial has depreciated nearly 50% over eight months. Elliptic believes that CBI may be using stablecoins to inject dollar liquidity into the domestic market, similar to open market operations that should be hindered by sanctions.

Evolution of Technical Methods

In June 2025, after Nobitex was hacked by pro-Israel hacker groups, the flow of funds shifted to cross-chain bridging (from Tron to Ethereum), and then processed through decentralized exchanges and centralized exchanges, continuing until the end of 2025.

Elliptic describes this strategy as establishing an “off-balance sheet digital Eurodollar” system, enabling Iran to store and transfer dollar value outside the global banking system. Nevertheless, the company emphasizes that these activities can still be traced because they operate on public blockchains.

Sanctions Enforcement Capabilities

Elliptic also pointed out that Tether has frozen several million USDT tokens related to CBI wallets, indicating that stablecoin issuers and trading platforms still have the ability to enforce sanctions, although this has sparked complex ethical and geopolitical debates.