- Central Bank of Iran accumulated at least $507 million in Tether (USDT) between May and June 2025.
- Elliptic says the funds likely helped route US dollars into Iran’s local market and support the Iranian rial.
- Most USDT initially flowed to sanctioned exchange Nobitex, but by June 2025 transfers moved away and were bridged from Tron to Ethereum.
- Elliptic cautions the $507 million figure is a lower bound and links its findings in a detailed report.
- The shift in routing coincided with a reported $90 million hack of Nobitex in June 2025 and wider geopolitical and domestic unrest in Iran.
The Central Bank of Iran built a reserve of at least $507 million in tether (USDT) between May and June 2025 to help bypass international sanctions and channel dollars into the local market, according to research by crypto security firm Elliptic. USDT is a dollar-pegged stablecoin, a type of cryptocurrency meant to maintain a 1:1 value with the U.S. dollar.
Elliptic mapped a network of wallets tied to the bank that accrued at least $507 million worth of USDT in that period and said the amount should be considered a minimum. “This figure should be treated as a lower bound on the amount of USDT acquired by the CBI,” Elliptic wrote in its report. The firm also suggests the tokens were used to direct dollars into Iran and help prop up the rial.
Most of the USDT moved to sanctioned exchange Nobitex during the first half of 2025; Elliptic previously linked Nobitex to Iran’s cross-border sanctions-evasion networks. By June 2025, transfers were redirected away from Nobitex and the stablecoins were bridged from the Tron blockchain to Ethereum, then converted into other assets.
Bridging means moving tokens between blockchains using protocols or intermediaries, which can change how and where tokens are traded or cashed out. The shift in routing coincided with a reported $90 million hack of Nobitex in June 2025; pro‑Israel Hackers claimed responsibility for an attack on June 18 and later threatened additional institutions.
The report notes broader context: Tether, the issuer of USDT led by Paolo Ardoino, had a market capitalization of over $186 billion at the time. Elliptic says Iran used USDT alongside domestic banking networks to create “digital off‑book eurodollar accounts” to move funds around sanctions.
Iran has faced sustained sanctions and recent escalations. Days after the Nobitex hack, the United States and Israel carried out strikes against Iran over nuclear obligations breaches. Domestic unrest has grown into large anti‑government protests, reportedly sparked by economic problems and Iran’s regional policies, with reported deaths cited at least 5,000 and possibly over 12,000 people, according to media reports. The protests were reportedly driven by economic grievances and anger at state support for armed groups.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Davos Clash: Central Banks vs Bitcoin Ignites Policy Debate?
- Trove token crashes 98% amid misuse claims, investors angry!
- Mallers removes BTC-per-share data as XXI stock plunges now.
- Axie Infinity surges 89% after tokenomics overhaul revival!!
- ChainLeak in Chainlit exposes cloud API keys, enables SSRFs.
