In a strategic move to strengthen its national currency and streamline international trade, Iran’s central bank reportedly acquired around $507 million worth of Tether (USDT) last year. Sources indicate that the purchases were carried out through two major transactions in April and May 2023, signaling a targeted approach to bolster the rial amid challenging economic conditions.
The majority of the stablecoins were funneled through Nobitex, a local cryptocurrency exchange, suggesting that the central bank aimed to integrate digital assets into Iran’s domestic financial system. Following these transfers, cross-chain bridge conversions were conducted, resulting in USDT outflows from the central bank’s wallet by the end of the year.
This move highlights the growing trend of central banks exploring stablecoins as tools to manage liquidity, stabilize currencies, and facilitate cross-border trade, especially in countries facing restrictions on conventional financial systems. While Tether provides a stable and widely accepted digital dollar alternative, Iran’s adoption underscores the increasing role of cryptocurrencies in global financial strategy.
Crypto analysts note that the step could pave the way for greater integration of digital assets in emerging markets, while also signaling potential shifts in international trade settlements in the coming years.#usdt #btc #WhoIsNextFedChair #TrumpTariffsOnEurope
