Iran is expanding its use of cryptocurrency as a means to conduct international trade while circumventing financial sanctions, according to reports from the Financial Times and blockchain analytics firms. The country's central bank has instructed businesses and traders to repatriate funds by any available means, including bitcoin and tether.
Cryptocurrency activity linked to Iran reached approximately $10 billion in 2025, according to data from blockchain analytics firms TRM Labs and Chainalysis, which placed Iran-linked activity between $8 billion and $10 billion. Estimates of Iran's share of global bitcoin mining hashrate vary significantly across sources, with Elliptic estimating 4.5% while the Cambridge Centre for Alternative Finance places it at 0.12%, citing methodological differences in measurement.
Digital Assets in Trade Settlement
An Iranian business executive told the Financial Times that receiving cryptocurrencies for exports is now established practice. Iran's judiciary has estimated approximately $100 billion in undeclared earnings held by importers and exporters domestically and overseas.
This represents an expansion of Iran's cryptocurrency use beyond previous activities. In April, reports indicated Iran was accepting bitcoin and tether as payment for vessel transit through the Strait of Hormuz, with payments reported at $2 million per vessel in cryptocurrency.
U.S. Response and Enforcement
The United States Treasury Department has taken steps to restrict Iran's access to digital asset channels. In May, Treasury Secretary Scott Bessent announced that the department had seized approximately $1 billion in cryptocurrency assets tied to Iran. On August 24, the Treasury formally launched Operation Economic Outcast, a plan to encourage foreign nations to sever financial ties with Iran's digital asset activities.
The Financial Times reported that Iran's central bank declined to comment on the matter when contacted.
