Key Insights:
- Iran’s central bank quietly built a large stablecoin position to support its currency and manage trade under sanctions in today’s crypto news.
- Blockchain data shows Iran-linked stablecoin routes overlap with networks tied to other sanctioned states, including the DPRK.
- Stablecoins are now being used at a state level, offering dollar access outside banks while still leaving traceable trails.
Today’s crypto news is not really about trading or prices. It is about how stablecoins are starting to act like tools used by governments, just like banks and foreign reserves.
New research shows that Iran’s central bank quietly built a large position in USDT while its economy was under heavy pressure.
This happened during a period of strict sanctions and a fast collapse in Iran’s local currency. But the story does not stop with Iran.
The same stablecoin routes also connect to activity linked with North Korea, showing how sanctioned countries are using similar crypto paths to move money.
Crypto News: Iran Turns to Stablecoins Under Pressure
The crypto news research comes from Elliptic, a company that tracks blockchain activity to help governments and firms detect financial crime. According to Elliptic, Iran’s central bank accumulated at least $507 million worth of USDT during April and May 2025.
USDT is a dollar-backed stablecoin issued by Tether. Each token is meant to track the value of one US dollar.
For countries under sanctions, holding USDT can work like holding digital dollars without touching the traditional banking system.
At the time, Iran’s currency, the rial, was falling very fast. Its value had dropped sharply in less than a year. Iran also struggled to settle international trade because sanctions limited access to global banks and the SWIFT payment system.
Elliptic’s data shows that Iran’s central bank likely used USDT to support its local currency and manage trade payments. As per the crypto news, stablecoins were used like emergency dollar reserves, but on the blockchain instead of in foreign banks.
The Nobitex Hack Changed How the Money Moved
Until June 2025, most of Iran’s USDT flowed through Nobitex, the country’s largest crypto exchange. Nobitex allows users to hold USDT, trade it, or convert it into local currency.
That changed after June 18, 2025. On that day, Nobitex was hit by a major hack that drained about $90 million in crypto. The attack was claimed by Gonjeshke Darande, also known as Predatory Sparrow.
After the crypto hack, Elliptic observed a clear shift. Iran-linked USDT stopped flowing mainly through Nobitex. Instead, it was sent through cross-chain bridges, moved between blockchains like TRON and Ethereum, and swapped using decentralized exchanges.
This matters because it shows learning behavior. Once a central exchange became risky, the money was routed through more complex paths to reduce exposure.
The timing of this shift lines up closely with the Nobitex attack, making the connection hard to ignore.
The DPRK Link Makes This Crypto News Bit a Bigger Deal
Elliptic’s findings also show something more serious. Some of the same stablecoin routes used by Iran overlap with networks linked to North Korea, also known as the DPRK.
North Korea has been accused for years of using crypto hacks and laundering networks to fund its economy under sanctions.
Elliptic has tracked DPRK-linked wallets involved in exchange hacks, bridge exploits, and stablecoin movement.
The overlap does not mean Iran and North Korea are directly working together. But it does show that sanctioned states are using similar tools, the same stablecoins, and often the same intermediaries to move dollar value outside the traditional system.
This is why the crypto news story feels more connected now. Stablecoins are no longer just a crypto product for traders.
They are becoming state-level financial tools. They allow governments to store dollar value, move it across borders, and settle trade without banks.
At the same time, blockchains are public. Elliptic’s work shows that these flows can still be tracked. In fact, some wallets linked to Iran were later frozen, including $37 million in USDT, showing that stablecoins can be monitored and stopped at key points.
This crypto news bit now shows both sides of space. Stablecoins help sanctioned countries survive financial pressure, but they also leave clear trails.
For regulators and investigators, crypto is no longer invisible. For governments under sanctions, it is becoming impossible to ignore.