- Chainalysis estimates Iran’s crypto activity reached about $7.78 billion in 2025.
- Bitcoin withdrawals to personal wallets rose sharply during mass protests and a nationwide internet blackout beginning in late December 2025.
- Addresses linked to the Islamic Revolutionary Guard Corps received over half of Iran’s crypto value in late 2025.
- Civilians used Bitcoin as a store of value while stablecoins aided low-cost remittances amid high inflation.
- Experts say increased self-custody is consistent with financial repression and currency collapse driving crypto adoption.
According to Chainalysis, Iran’s cryptocurrency activity rose to roughly $7.78 billion in 2025 as economic turmoil, deepening unrest, and a weakening rial pushed both civilians and sanctioned actors toward digital assets. Withdrawals from exchanges to personal wallets spiked during mass protests and a nationwide internet blackout that began in late December 2025, when access to state-controlled financial channels became unreliable.
The report finds two main uses: civilians seeking a safer asset and state-linked entities moving funds under sanctions. “The flight to safety effects that we document in the report are largely confined to BTC, suggesting that in a time of crisis, that is the preferred safe haven asset for civilians in Iran,” said Chainalysis Head of Research Eric Jardine.
Chainalysis also notes stablecoins are often used for remittances because of their low cost and value stability, a key feature during hyperinflation. “It is not immediately clear what proportion of funds would move back from crypto into local currency and traditional financial networks after a crisis has passed,” Jardine added.
The analysis found addresses tied to the Islamic Revolutionary Guard Corps or IRGC accounted for more than half of the crypto value received in Iran during the final quarter of 2025. The report focuses on wallets already identified by authorities and says actual state-linked activity could be higher.
Bradley Rettler, a senior fellow at the Bitcoin Policy Institute, said the move to self-custody matches patterns seen where citizens face financial censorship. “In countries where citizens fear their government, worry about financial censorship, or see their local currency inflating, Bitcoin provides an alternative,” he said.
Bitcoin has a history as an alternative payment rail, gaining attention when WikiLeaks began accepting Bitcoin donations after a financial blockade. Related research has found Bitcoin usage tends to rise when access to banks and payment networks is disrupted, according to published research.
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