Iran acquired over $500 million in USDT, likely to support local currency and settle trade: Elliptic
Iran's central bank acquired over $500 million in USDT to bypass sanctions, support the rial, and settle trade.Summary
According to blockchain analytics firm Elliptic, Iran's Central Bank (CBI) systematically accumulated at least $507 million in Tether's USDT, primarily last year, as a strategy to bypass the global banking system due to sanctions. Elliptic suggests the CBI likely acquired the stablecoin to support the domestic rial, which experienced significant devaluation, by using USDT for open market operations on exchanges like Nobitex, and to settle international trade. This accumulation appears to be an effort to create a "sanctions-proof" financial mechanism, treating USDT as "digital off-book eurodollar accounts" outside the reach of U.S. authorities. This follows recent reports that Iran's Revolutionary Guard Corps also used crypto exchanges to move significant funds settled in USDT.
(Source：The Block)