Iranian authorities have announced sweeping new restrictions on stablecoin usage, capping annual purchases at $5,000 per person and total holdings at $10,000. The move, unveiled on Sept. 27 by the Central Bank’s High Council, comes as the Iranian rial reportedly plunged to a record low of 1,136,500 per U.S. dollar—just ahead of the reimposition of United Nations sanctions.

According to a local report, the new policy applies to all users and traders operating on licensed digital platforms and must be enforced within a one-month transition period. Asghar Abolhasani, secretary of the High Council, emphasized that current holders of stablecoins will also need to comply within the allotted timeframe.

“From now on, the ceiling for purchasing stablecoins is set at $5,000 per user annually, and holdings cannot exceed $10,000,” Abolhasani said.

Stablecoins, predominantly tether ( USDT), have become a vital and dual-purpose financial tool for a wide range of Iranians. Driven by the chronic devaluation of the rial and rampant inflation, these US dollar-pegged digital assets serve as a critical hedge for personal savings, allowing citizens to shield their wealth from the domestic economic crisis.

For both ordinary citizens and businesses facing severe financial isolation from the global banking system due to international sanctions, stablecoins are an indispensable channel for cross-border transfers and a primary mechanism for capital flight out of the country. This trend has been particularly pronounced, with significant spikes in usage and crypto outflows from major Iranian exchanges coinciding with heightened geopolitical tensions involving Israel and the United States.

However, the use of stablecoins is also entangled with sanctions evasion efforts by the government, with state-linked actors reportedly using USDT to fund proxy groups, procure sensitive goods, and facilitate imports, often routing billions of dollars over cost-effective networks like Tron.

The new cap is expected to disrupt thousands of small traders who rely on crypto markets for income and financial security. Violators could face penalties for exceeding the legal threshold.

The Central Bank’s decision mirrors previous attempts to curb foreign currency demand during economic downturns. In past crises, Iranian authorities restricted access to U.S. dollars and gold in hopes of stabilizing the rial. However, such measures often proved ineffective and drove transactions into underground markets.

Iran’s currency has been in steady decline for over a decade, weakened by international sanctions, high inflation, and systemic mismanagement. The latest restrictions on stablecoins reflect growing concern over capital flight and the erosion of public trust in government monetary policy.

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