Recent military tensions in Iran and the international sanctions imposed as a result have sent notable signals about the resilience of the country's cryptocurrency infrastructure. The process that began with airstrikes by the US and Israel on February 28th has shed new light on how crypto markets in Iran are affected and the role stablecoins play.

Cryptocurrency Shadow Economy in Iran
According to data from analysis firms like TRM Labs and Chainalysis, Iran’s total crypto transaction volume reached between $8 billion and $10 billion in 2025. The country’s largest crypto exchange, Nobitex, reportedly serves approximately 15 million users. Additionally, according to Elliptic’s analysis, the Central Bank purchased at least $507 million worth of USDT last year. This move is seen as a new method Iran is adopting to bypass the global banking system.

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