Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁 Enjoyed this article? Share it with your friends! Blockchain analytics firm Elliptic has reported that the Central Bank of Iran (CBI) purchased about $507 million worth of Tether’s USDT USDT $1.00 . According to Elliptic’s report, the CBI began collecting USDT during a time of economic instability. The report stated, "The CBI's accumulation of USDT began in earnest during a period of extreme economic volatility". Did you know? Want to get smarter & wealthier with crypto? Subscribe - We publish new crypto explainer videos every week! How to Buy Crypto SAFELY With a Credit Card (Animated) SUBSCRIBE ON YOUTUBE Over an eight-month period, the rial’s worth dropped by half compared to the US dollar. To slow this decline, the bank may have started using its Tether holdings to buy back rials on the Iranian crypto exchange Nobitex. Elliptic’s data shows that the Iranian central bank likely used Nobitex, one of the country’s largest crypto exchanges, to handle its USDT transactions. The partnership continued until June 2025, when Nobitex experienced a security breach. After that, the CBI changed its approach before exchanging them for other assets and shifting them across several blockchains and trading platforms. They transferred their stablecoins “to a cross-chain bridge service to move the funds from TRON TRX $0.3009 to Ethereum ETH $2,950.17 ". The report also noted that Tether can freeze wallets holding USDT. Elliptic cited an incident from June 2025 when “several wallets linked to the CBI were blacklisted", which froze around $37 million worth of stablecoins. Recently, a Chainalysis report showed that Iran’s cryptocurrency activity reached about $7.8 billion in 2025. How? Read the full story. Aaron S. Editor-In-Chief Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era. With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers. Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners. Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova. Full Bio See Our Experts Thirsty for the Hottest Crypto News in Your Inbox? Get crypto-smart in just 3 mins a day with our newsletter! Join 120,000+ subscribers & get a juicy Daily Squeeze of the hottest, jargon-free news and insights straight to your inbox. Subscribe
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