Stablecoins at the Center of a $10B Sanctions Workaround

[nihalsari]

Before the conflict escalated, Reuters cited estimates from Chainalysis and TRM Labs suggesting Iran’s annual crypto transaction volume had reached between $8 billion and $10 billion in 2025. Much of that activity reportedly involved stablecoins, particularly Tether (USDT), which maintains a dollar peg attractive in inflationary environments.

Elliptic reported that Iran’s central bank acquired at least $507 million in USDT last year, calling it part of a broader strategy to bypass the traditional banking system. Meanwhile, TRM identified thousands of wallet addresses linked to Iran’s Islamic Revolutionary Guard Corps (IRGC), which have collectively moved billions of dollars since 2023. The data suggests stablecoins are not merely a workaround but a structural pillar of Iran’s sanctioned economy.

[etfs]

stablecoins went from trading tool to sanctioned economy plumbing real quick