Iran's Crypto Adoption Surges to $10B as US Sanctions Cut Off Traditional Banking
Iran's economy is increasingly turning to cryptocurrency as a result of US sanctions restricting traditional banking channels. The Iranian central bank has relaxed currency controls, allowing exporters to receive Tether and Bitcoin through local exchanges.
This shift was prompted by the difficulty for Iran to engage in cross-border transactions using traditional means, due to increased US pressure. Exporters were previously required to repatriate all foreign earnings via official channels, resulting in a significant portion of their funds being left unrecovered.
The use of cryptocurrency has become more widespread, with nearly $10 billion in activity recorded. Tether (USDT) is the dominant payment asset, particularly through TRON transfers due to low fees supporting frequent transactions.