Iran eases foreign exchange controls for exporters using USDT and cryptocurrencies

Sanctions on one side, USDT on the other. According to the Financial Times, the Iranian central bank has quietly relaxed its exchange controls to facilitate the repatriation of revenues held abroad. Exporters can now use USDT, bitcoin and other cryptocurrencies to settle certain cross-border transactions through Iranian platforms. This tolerance has not been publicly announced. In addition, the Iranian central bank did not respond to questions from the British daily. On the ground, Tether's stablecoin would even have become the main asset used for these settlements.

Key Points

Iran's central bank eases currency controls and lets exporters repatriate cryptocurrency earnings

USDT dominates cross-border settlements, with bitcoin complementing the system via local platforms

TRM Labs estimates crypto volumes processed in Iran at nearly $10 billion in 2025

The return of UN sanctions and the collapse of the rial are pushing businesses and households towards stablecoins

Crypto: Tehran lets its exporters cash in USDT

Iranian companies are normally required to repatriate their foreign exchange earnings and recirculate them into the national system. Discrepancies between administered and free market exchange rates, however, have encouraged many exporters to keep their funds abroad.

Under pressure from sanctions and difficulties in supplying foreign currency, the central bank is now favoring a more flexible approach. According to testimonies collected by the Financial Times, companies can use cryptocurrencies to pay their suppliers or reinject their revenue into the Iranian economy.

So much so that a manager of a local company told the British media teams that “receiving export payments in cryptocurrencies was now completely normalized”.

USDT is also favored because of its stability against the dollar and its ease of transfer. It allows you to settle a transaction without going through a Western correspondent bank, which is generally inaccessible to Iranian companies.

However, this solution does not guarantee that funds cannot be seized. Tether can block USDT held on an identified address. The platforms also constitute control points: in June 2026, the United States sanctioned Nobitex, Bitpin, Ramzinex and Wallex, four important players in the Iranian market.

Rial and sanctions push Iran towards cryptocurrencies

The return of UN sanctions has also reinforced the financial isolation of the country. France, Germany and the United Kingdom triggered the snapback mechanism in August 2025. This also led to the reinstatement of measures at the end of September. The European Union has also reestablished its sanctions linked to the nuclear program.

At the same time, the rial had exceeded 1.25 million units per dollar on the open market in December 2025, while inflation approached 49%. For individuals, buying stablecoins therefore amounts to maintaining exposure to the dollar without holding notes or having a bank account abroad.

TRM Labs thus attributes $9.9 billion in cryptocurrency transactions to Iran in 2025. This figure measures all activity identified in the country, and not just export payments. Of course, there remains an estimate, as the geographical origin of the portfolios is difficult to establish with certainty.

But this infrastructure remains vulnerable. In June 2025, the Predatory Sparrow group destroyed over $90 million belonging to Nobitex by sending them to unusable addresses. The authorities then limited the activity hours of certain platforms.