Crypto
Iran's Shadow Banking Network Relies Heavily on Tether's Dominant USDT
A US Senate Permanent Subcommittee on Investigations report has found that Iran's shadow banking network relies heavily on Tether's USDT, with nearly 84% of sanctioned wallets transacting exclusively or nearly exclusively in USDT.
The sub-committee analyzed blockchain transactions involving 846 cryptocurrency wallets linked to Iran, Hamas, Hezbollah, and the Houthis, finding that 87% of those identified by Israel as terrorism financing predominantly transacted in USDT.
The report also found that two Central Bank of Iran wallets received nearly $50 million in USDT in April-May 2025, while three Modex-associated wallets received $575 million in USDT between April and June 2025.