Iran just built a shadow dollar system.
By Maxime Laurent · 2026-01-24 09:15
Iran just built a shadow dollar system.
The Central Bank quietly stacked $USDT to bypass sanctions, defend the rial, and trade outside US reach.
This one hit me like a cold splash of water. According to Elliptic, the Central Bank of Iran acquired over $500 million in $USDT. Not a rumor, not retail noise — state-level stablecoin strategy.
Why? Three reasons, and all of them logical. First, supporting the rial while it bleeds value. Second, settling foreign trade under heavy sanctions. And third — the most interesting — building a shadow dollar infrastructure completely outside US control. Digital dollars, without Washington’s permission.
Before, a lot of this flow went through Nobitex. Then came the hack — ~$90M gone — and the playbook changed. Funds started moving through cross-chain bridges instead. More complex, harder to track, more resilient.
Of course, the counterpunch arrived. Tether froze several wallets linked to Iran’s central bank, locking about $37M. Which tells you everything: yes, $USDT is powerful… but it still has a kill switch.
From where I sit, this is the real stablecoin narrative. Not traders, not DeFi yield. Nation-states using crypto rails to survive geopolitics. It’s messy, uncomfortable, and very real. Bienvenue dans le futur.
Crypto isn’t fighting the system anymore. It is the parallel system.
#Crypto #USDT #Stablecoins #Geopolitics #Sanctions #Blockchain #CryptoFriture
The Central Bank quietly stacked $USDT to bypass sanctions, defend the rial, and trade outside US reach.
This one hit me like a cold splash of water. According to Elliptic, the Central Bank of Iran acquired over $500 million in $USDT. Not a rumor, not retail noise — state-level stablecoin strategy.
Why? Three reasons, and all of them logical. First, supporting the rial while it bleeds value. Second, settling foreign trade under heavy sanctions. And third — the most interesting — building a shadow dollar infrastructure completely outside US control. Digital dollars, without Washington’s permission.
Before, a lot of this flow went through Nobitex. Then came the hack — ~$90M gone — and the playbook changed. Funds started moving through cross-chain bridges instead. More complex, harder to track, more resilient.
Of course, the counterpunch arrived. Tether froze several wallets linked to Iran’s central bank, locking about $37M. Which tells you everything: yes, $USDT is powerful… but it still has a kill switch.
From where I sit, this is the real stablecoin narrative. Not traders, not DeFi yield. Nation-states using crypto rails to survive geopolitics. It’s messy, uncomfortable, and very real. Bienvenue dans le futur.
Crypto isn’t fighting the system anymore. It is the parallel system.
#Crypto #USDT #Stablecoins #Geopolitics #Sanctions #Blockchain #CryptoFriture
Disclaimer: This content is for informational purposes only and not financial advice.