According to an analysis by Elliptic, the Central Bank of Iran was supposed to purchase at least 507 million USD in USDT stablecoins over the course of the year. These funds were intended to stabilize the rial and facilitate international transactions outside the sanctions system.
Purchases were made through a network of wallets and OTC brokers, mainly using UAE dirhams. After a hacking attack on the Nobitex exchange in 2025, the strategy was changed – funds began to be transferred through cross-chain bridges and DEXs.
Elliptic indicates that all identified funds have already been withdrawn from wallets associated with the central bank, although the scale of operations may be larger.