The Financial Times of the UK, citing informed sources, reported that Iran is tacitly allowing businesses to use crypto assets to receive export payments and has eased certain foreign exchange controls. Amid ongoing U.S. sanctions that restrict traditional banking channels, digital assets are increasingly being adopted by businesses as an alternative for cross-border settlements, with USDT reportedly being the most commonly used cryptocurrency.
Exporters turn to crypto settlements
The report states that Iranian businesses can receive payments from abroad using digital assets such as USDT and Bitcoin. Some exporters are also permitted to transfer overseas funds back into the country through local crypto exchanges, or use export earnings directly to pay for import purchases.
This practice reduces businesses' reliance on the official foreign exchange system. In the past, export revenues typically had to be repatriated through state-regulated channels, and the exchange rates were often lower than those in the open market.
However, publicly available information suggests this is more a change in enforcement policy rather than an officially implemented regulation. The Central Bank of Iran has not issued any public documentation confirming that cryptocurrency assets have become a legal settlement method available to all exporters.
On-chain volume approaches $10 billion
Blockchain analysis firm TRM Labs estimates that cryptocurrency transactions related to Iran amounted to approximately $9.9 billion in 2025, down from about $11.4 billion in 2024. TRM believes this volume reflects ongoing structural demand, rather than merely speculative trading.
The report also noted that one reason USDT is widely used is that it provides a stable value pegged close to the U.S. dollar without requiring a U.S. dollar bank account. Due to lower transaction fees, the Tron network is also a common channel for Iranian users to transfer USDT.
Beyond payments, digital assets are also used locally for value storage and trading. Bitcoin mining is part of Iran's crypto activities, but existing public data consists largely of historical estimates and does not directly reflect current proportions.
The risk of U.S. sanctions has not disappeared.
Iran's tacit acceptance of crypto assets does not alter the scope of U.S. sanctions. The U.S. Department of the Treasury’s Office of Foreign Assets Control has previously clarified that Iranian digital asset exchanges are considered part of Iran’s financial institutions, and any related assets that fall under U.S. jurisdiction may be frozen.
In June of this year, the U.S. Department of the Treasury added Nobitex, Wallex, Bitpin, and Ramzinex to its sanctions list, accusing these platforms of engaging in financial activities in Iran and facilitating transactions for sanctioned entities. TRM estimates that these four platforms processed approximately $7.7 billion in transaction volume in 2025, accounting for 78% of Iran-related cryptocurrency activity.
Stablecoins are not inherently immune to sanctions. In April, Tether froze approximately $344 million in USDT associated with two Tron addresses identified by U.S. authorities as linked to Iran’s state and military networks. This action demonstrates that, even when funds circulate on-chain, stablecoin issuers and centralized intermediaries can still restrict addresses or freeze assets in compliance with sanctions.
Overall, Iranian businesses are increasingly using cryptocurrency for settlement, but this practice still lacks formal, standardized institutional recognition. For overseas counterparties, trading platforms, and payment service providers, the primary concern remains the risk of sanctions from the United States and other jurisdictions.