While the cryptocurrency market has been shaken in recent days by US President Donald Trump’s threats to annex Greenland and impose tariffs, it has been alleged that the Central Bank of Iran purchased USDT worth $507 million.
According to claims made by blockchain analytics firm Elliptic, most of the purchases made by the Central Bank of Iran were carried out last year.
Elliptic reported identifying a cryptocurrency wallet linked to the Central Bank of Iran. The wallet was allegedly used to purchase USDT, and the findings suggest direct central bank intervention.
Elliptic emphasized that it only reviewed verified wallets, but the true value could be higher than $507 million.
According to Elliptic, Iran used USDT both to support and maintain the value of its official currency, the rial, and to make payments in international trade.
Elliptic stated, “The Iranian Central Bank purchased USDT twice last year, in April and May, and a large portion of the acquired amount was transferred to Nobitex, Iran’s largest cryptocurrency exchange. USDT was then converted into other assets via cross-chain bridges, and this flow continued until the end of last year.”
Besides Elliptic, the US newspaper Washington Post also claimed in a recent report that the Iranian Revolutionary Guard Corps has been conducting $1 billion worth of cryptocurrency transactions since 2023 using two cryptocurrency exchanges registered in the United Kingdom, with the majority of these transactions being carried out using USDT.
*This is not investment advice.
