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Iran’s Central Bank Transfers $507 Million in Crypto Despite US Sanctions

Elliptic reports that Iran’s central bank purchased $507 million in USDT through Modex in 2025 to support the rial, circumventing US sanctions amid a growing currency crisis.

USDT

Fact Check
The assessment is based on strong, consistent evidence from multiple high-authority sources. The most credible source, a specialized blockchain analytics firm, provides a direct analysis stating that Iran's Central Bank has acquired stablecoins worth at least half a billion dollars for international trade. This finding is independently corroborated by two major international news outlets, Bloomberg and The Guardian, which report that the central bank purchased or used 'over $500 million' or 'vast quantities' of cryptocurrency. The specific figure of '$507 million' in the statement is highly consistent with the amounts cited in these primary sources ('at least half a billion' and 'over $500 million'). The action of 'transferring' is a necessary component of 'acquiring' or 'purchasing' cryptocurrency assets. The lower-authority sources, while not providing direct evidence of the transaction, offer a plausible motive (navigating economic sanctions), which adds to the overall credibility of the claim. There is no conflicting evidence presented among the sources.
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Summary

Iran’s central bank has acquired over $500 million in USDT through Modex, according to Elliptic's research. This was part of efforts to stabilize the rial and avoid US sanctions, following a currency crisis and exclusion from the global SWIFT network. The transactions highlight the increasing use of cryptocurrencies to bypass financial isolation.

Terms & Concepts
  • USDT (Tether stablecoin): A U.S. dollar–pegged cryptocurrency designed to maintain a stable value, widely used for trading and cross-border transfers.
  • SWIFT: The global interbank messaging network for cross-border payments; exclusion restricts a country’s access to international banking.
  • Dollar-pegged digital assets (stablecoins): Cryptocurrencies intended to track the U.S. dollar 1:1, offering lower volatility compared to other digital assets.