Iran using Tether’s stablecoin to bypass sanctions, report finds
Central bank thought to be using USDT to buy rial on crypto exchanges as domestic currency plummets
The Central Bank of the Islamic Republic of Iran has been using the world’s largest stablecoin to bypass sanctions, according to a report published today (January 21) by Elliptic.
The crypto analytics firm said its analysis of accounts believed to be controlled by the central bank shows the institution to have purchased at least $507 million of USDT, the dollar-backed stablecoin issued by Tether.
Researchers used leaked documents detailing two purchases by the central bank of USDT in April and
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