The Central Bank of Iran (CBI) purchased $507 million in Tether’s USDT stablecoin between April and May 2025, with payments made in UAE dirhams. The bank reportedly did this to support the Iranian rial, which recently fell to a record low, and to continue international trade even though Iran faces many sanctions.
According to UK-based blockchain research firm Elliptic, a network of cryptocurrency wallets was used by the CBI to systematically collect USDT.
Elliptic co-founder Tom Robinson explained that leaked documents detail purchases made via an entity called Modex, which “may be a crypto broker that is willing to do business with the Iranian government.”
The main reason for CBI’s purchases appears to be stabilizing the Iranian rial and injecting US dollar liquidity into the local market.
Meanwhile, Tether froze around $37 million in wallets linked to the CBI in June 2025.
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