The UK's Financial Times, citing people familiar with the matter, reported that Iran is tacitly allowing companies to use crypto assets to receive payments for exports and has relaxed some foreign exchange controls. Against the backdrop of US sanctions that continue to restrict traditional banking channels, digital assets are being used by more companies as an alternative tool for cross-border settlements, with USDT being cited as the most commonly used currency.
Exporters turning to encrypted settlement
The report mentions that Iranian companies can receive payments from abroad through USDT, Bitcoin, and other digital assets. Some exporters are also allowed to transfer overseas funds back to the country through local cryptocurrency trading platforms, or to directly use their export earnings to pay for imports.
This approach has reduced enterprises' dependence on the official foreign exchange system. In the past, export earnings typically had to be repatriated through state-regulated channels, and the exchange rates at which these funds were converted were often lower than those in the open market.
However, current public information indicates that this seems to be more of a change in the approach of law enforcement rather than an official regulation that has already been implemented. The Central Bank of Iran has not issued any public documents confirming that crypto assets have become a legal settlement method available to all exporters.
On-chain scale approaches $1 billion
Blockchain analysis firm TRM Labs estimates that the volume of cryptocurrency transactions related to Iran in 2025 will be around $9.9 billion, which is lower than the approximately $11.4 billion in 2024. TRM believes that this scale reflects a persistent structural demand, rather than just speculative trading.
The report also mentioned that one of the reasons why USDT is widely used is that it provides a value anchoring close to that of the US dollar, without the need for a US dollar bank account. Due to the lower transaction fees, the Tron network is also a common channel for Iranian users to transfer USDT.
In addition to payment, digital assets are also used for value storage and transactions locally. Bitcoin mining is also part of Iran's crypto activities, but the available public data is mostly historical estimates and cannot directly represent the current proportion.
The risk of U.S. sanctions has not yet disappeared.
The tacit acceptance of crypto assets within Iran does not change the scope of application of U.S. sanctions. The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department has previously made it clear that Iranian digital asset trading platforms are considered part of Iranian financial institutions, and any related assets that fall under U.S. judicial jurisdiction may be frozen.
In June this year, the U.S. Treasury Department added Nobitex, Wallex, Bitpin, and Ramzinex to the sanctions list, accusing these platforms of participating in Iranian financial activities and providing convenience for sanctioned entities. TRM estimates that these four platforms handled approximately $7.7 billion in transactions in 2025, accounting for 78% of Iran-related cryptocurrency activities.
Stablecoins are not naturally able to circumvent sanctions. In April, Tether froze approximately $344 million in USDT, involving two Tron addresses that the United States has identified as being associated with Iran's national and military networks. This move indicates that even if funds are transferred on-chain, stablecoin issuers and centralized intermediaries can still restrict addresses or freeze assets in accordance with sanction requirements.
Overall, the use of encrypted settlements by Iranian companies is on the rise, but this practice still lacks public and unified institutional recognition. For foreign counterparts, trading platforms, and payment service providers, the real risk they face remains the sanctions imposed by the United States and other jurisdictions.
