Iran Ditches Dollars for Bitcoin and Tether Amid US Sanctions
The Central Bank of Iran has started allowing exporters to settle cross-border trade in Bitcoin and Tether, bypassing traditional currency controls and US sanctions. This shift is seen as a response to Washington's escalating campaign against Iranian crypto transactions.
According to the Financial Times, the bank eased its currency controls, enabling exporters to bring foreign earnings home and pay for imports through domestic crypto exchanges. The move has already led to significant volumes, with TRM Labs reporting $9.9 billion in Iran-linked crypto volume in 2025, down from $11.4 billion in 2024.
Tether's USDT has become the preferred instrument, moving cheaply over the Tron network, while Bitcoin is still used for larger settlements. The Central Bank of Iran hasn't publicly announced this shift, and it didn't respond to the FT's request for comment.
Washington has responded with a series of sanctions, including freezing $344.2 million in USDT tied to two Tron addresses controlled by the Central Bank of Iran, wallets linked to the IRGC-Qods Force and Hezbollah. The Treasury also sanctioned four exchanges, Nobitex, Wallex, Bitpin, and Ramzinex, along with two Nobitex executives.