DeutschIran relies on cryptocurrencies in the shadow of international sanctions. According to analyses by the blockchain monitoring company Elliptic, the Iranian central bank invested around 507 million US dollars in USDT, a so-called stablecoin, last year. The purchases are said to have been part of a long-term strategy to mitigate the pressure of Western sanctions on the Iranian economy and at the same time secure international payments.
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According to Elliptic, the USDT holdings were built up systematically. The aim is to support the domestic rial and at the same time secure payment flows in foreign trade. USDT is pegged to the US dollar and can be used like cash on cryptocurrency exchanges. In a highly volatile environment, the stablecoin offers stability, which analysts say is particularly in demand in Iran.
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The strategy does not appear to be isolated. According to a report in the Washington Post, the Iranian Revolutionary Guard has moved around one billion US dollars through two crypto exchanges registered in Great Britain since 2023, a large part of it via USDT. The payments served both international trade and internal stabilization of the national currency.
Particularly noticeable: The central bank’s transactions increased during phases of strong economic fluctuations. Elliptic suspects that the purchases of USDT were made on the Iranian crypto exchange Nobitex, the largest platform in the country. This was apparently intended to stabilize the falling rial.
But Iran’s advance also has domestic political dimensions. In recent months, nationwide protests against the government and the economic situation have increased. High inflation, rising living costs and limited access to international financial systems are driving many people onto the streets. The central bank’s crypto activities could be seen as an attempt to create economic leeway while the population suffers under the pressure of sanctions.
Crypto is changing geopolitics
Experts view the development critically: «Iran is using stablecoins strategically to circumvent sanctions», explains an analyst from Elliptic. «This shows how cryptocurrencies are not only used for private investors, but also at a geopolitical level.» At the same time, there is a risk for investors that political tensions and regulatory restrictions could make trading more difficult.
The Iranian central bank’s action illustrates how states are increasingly using cryptocurrencies as a tool for economic and strategic goals. While the rial remains under pressure, the digital currency is becoming a buffer – and a weapon in the international financial battle. Observers expect that other sanctioned states could follow suit, as stablecoins enable fast, cross-border payments without having to go through classic banking systems.
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The combination of geopolitical calculation and the growing importance of cryptocurrencies could further dynamize the market in the coming months. At the same time, the situation remains highly risky: Sanctions, internal protests and economic instability make Iran a volatile player in the global crypto landscape. (mck)
