Iran’s central bank has acquired over $507 million in Tether’s USDT stablecoin over the past year, according to research from blockchain intelligence firm Elliptic. The bank used this stablecoin to support the Iranian rial and facilitate international trade, circumventing sanctions that limit its access to traditional financial systems. The research identified specific wallets linked to the central bank, revealing a systematic accumulation of USDT through purchases made in April and May via an intermediary called Modex, suspected to be a crypto broker. After acquiring the USDT, the central bank initially transferred most of it to Nobitex, Iran's largest cryptocurrency exchange. However, following a significant hack in June 2025 that drained over $90 million from Nobitex, the central bank shifted its strategy. It moved the USDT to a cross-chain bridge service, converting it from TRON-based to Ethereum-based USDT, and then transferred it to various decentralized exchanges and centralized platforms until all of it left the identified wallets by the end of 2025. Elliptic suggests that the main motive for the central bank's acquisition of USDT was to stabilize the rial by injecting US dollar liquidity into local markets. The bank's actions reflect a broader strategy to create a "sanctions-proof" banking mechanism that allows Iran to hold US dollar value outside the reach of U.S. authorities. Despite the potential for stablecoins to facilitate such evasion, Elliptic warns that their transparency could enhance sanctions enforcement. Tether has been proactive in freezing wallets linked to illegal activities, including $37 million associated with the central bank. They emphasize their collaboration with law enforcement to combat illicit use of their tokens.