BlockBeats news: On January 12, recent turbulence in Venezuela and Iran once again brought the dual role of stablecoins into the spotlight. Stablecoins pegged to the U.S. dollar, especially Tether (USDT), have become an important tool for ordinary people in countries suffering from high inflation and restricted financial systems to store value and make payments. On the other hand, they are also used by some sanctioned entities to transfer funds across borders and evade sanctions.
In Iran, the long-term depreciation of the rial, combined with sanctions and social unrest, has made cryptocurrencies an important tool for the public to hedge against inflation and systemic risks. In 2025, a major Iranian exchange was hacked, and multiple Tether address blacklisting incidents temporarily hindered the adoption of stablecoins. At the same time, the Iranian government imposed an annual cap on stablecoin holdings in September of last year, limiting individuals to a maximum holding of $10,000 and annual purchases not exceeding $5,000.
However, the other side of stablecoins has also drawn regulatory attention. Blockchain analytics firm TRM Labs reported that since 2023, Iran's Islamic Revolutionary Guard Corps (IRGC) has allegedly moved over $1 billion in stablecoin assets through two "British front companies" to establish cross-border and cross-jurisdictional funding channels.
In Venezuela, the penetration of USDT is also significant. Due to the continuous depreciation of the local currency, the bolivar, and the public's lack of trust in the banking system, stablecoins have been widely adopted for daily payments, ranging from utility services to small transactions. The report also noted that Venezuela's state-owned oil company, PDVSA, has been extensively using USDT for oil settlements since 2020. It is estimated that about 80% of its oil revenue is processed through Tether, in order to bypass settlement restrictions imposed by sanctions.
Analysts pointed out that the cases of Iran and Venezuela once again demonstrate that stablecoins are simultaneously serving as "civil infrastructure" and "sources of compliance challenges" within the global financial system. This dual nature is likely to remain a focal point of regulatory and market tensions through 2026.