Iran’s Central Bank Bought $500 Million in USDT Stablecoin to Prop Up Rial
Iran’s Central Bank secretly purchases over $500 million worth of Tether’s USDT stablecoin to stabilize the rial, amidst a deepening currency crisis.
Iran’s Central Bank secretly purchases over $500 million worth of Tether’s USDT stablecoin to stabilize the rial, amidst a deepening currency crisis.
Elliptic reports the Central Bank of Iran acquired $507M in Tether (USDt) to stabilize the Rial amidst sanctions and economic unrest. Read the full analysis.
Iran’s Central Bank acquires $507 million in Tether’s USDT stablecoin to support the rial and settle international transactions, marking a significant foray into digital currencies.
Iran’s rial has collapsed against the U.S. dollar, and Bitcoin is emerging as a viable alternative for Iranians seeking to protect their wealth and engage in international transactions.
Iranian protestors are using Bitcoin-linked apps and mesh networks to bypass internet restrictions and maintain communication during the regime’s crackdown. These decentralized technologies are empowering activists to share information and organize protests despite the digital blackout.
Two UK-registered companies have been implicated in a significant stablecoin transfer to Iran’s IRGC, raising concerns about crypto regulation and illicit activity prevention.
Tether’s role in Venezuela and Iran highlights the dual life of stablecoins, providing a lifeline for citizens amidst economic crises while also raising concerns about their potential use as a tool for sanctioned entities.
Iran has allegedly used UK crypto platforms to evade sanctions with $1 billion in secret flows, according to a report by TRM Labs, highlighting the need for stricter regulations in the crypto industry.
Iran’s Islamic Revolutionary Guard Corps (IRGC) has used over $2 billion in cryptocurrency to fund its militant proxies, highlighting the growing concern of illicit crypto transactions.
Iran’s internet shutdown may not be enough to stifle crypto transactions, as alternative communication methods like satellite and mesh networks can facilitate offline transactions.