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Most of the purchased stablecoins were bought by the Bank of Iran last spring. Due to international sanctions, digital assets have become the only alternative to cross-border bank transfers for the local economy, analysts explained.
Earlier, the Central Bank of Iran directed the purchased stablecoins to the largest cryptocurrency exchange in the country, Nobitex, for exchange and sale for the local currency (rial). After the hacker attack on Nobitex in June 2025, the regulator changed its strategy and began using decentralized platforms, conducting asset conversions and moving them between Ethereum and Tron networks, specialists from Elliptic reported.