Iran's central bank purchases over $500 million in cryptocurrency assets to address currency crisis

The Elliptic report shows that the Iranian central bank has purchased over $500 million worth of dollar anchored digital assets in the past year to address the Rial currency crisis and evade US sanctions. The report states that in April and May 2025, the Iranian central bank made two USDT purchases, with funds initially flowing to an Iranian cryptocurrency exchange where users can hold, trade USDT, or exchange it for riyals. Iran's foreign exchange reserves continue to decrease due to restrictions on oil exports, inability to repatriate export revenue, and exclusion from the SWIFT system. The use of stablecoins helps establish a "sanction resistant" banking mechanism and a "shadow finance layer".