Elliptic Traces Iran Central Bank's $507M USDT Reserves Built Outside Traditional Banking

On 22 January 2026, Elliptic reported that Iran's central bank amassed at least $507 million in USDT through a web of crypto wallets outside regular banking channels. The flows initially passed through local exchange Nobitex, then shifted to cross-chain and decentralized routes after a 2025 hack, with part of the funds later frozen on-chain. The pattern suggests USDT may have been used both to support the rial and to preserve access to dollar value under sanctions.