Iran's Stablecoin Lifeline Proves Systemically Critical

Iran's reliance on stablecoins has been put under scrutiny after its Central Bank directed exchanges to halt trading in the USDT-toman pair during airstrikes.

The move aimed to slow currency repricing, but it underscored how deeply embedded USDT was in Iran's financial plumbing.

TRM Labs' analysis revealed that Iran's crypto transaction volumes had hit an estimated $8–10 billion in 2025, with half linked to the Islamic Revolutionary Guard Corps (IRGC).