Iran has started to rely more on crypto as U.S. sanctions make normal financial trade harder. Businesses in the country are now able to use Bitcoin and Tether, also known as USDT, for cross-border payments.
The move comes as Iran faces severe limits on its access to global banks and foreign currency. The country has also faced an economic blockade and a long period of pressure from the United States.
According to a report from the Financial Times on September 9, Iran has eased some foreign currency rules. The change gives local companies more freedom to bring money back from overseas and use crypto as part of that process.
This is not simply a move toward new financial technology. It is also a response to a difficult economic situation. Iran needs ways to pay for imports, receive export money and keep trade alive when many normal bank routes are hard to use.
Foreign Currency Rules Become Less Strict
Iran’s central bank has eased some of its rules for foreign currency. Exporters can now bring overseas funds back through less formal routes, which can include local crypto platforms.
Companies can also exchange foreign currency on the open market. They may use money from exports to pay for imports without first sending all of that money through the official foreign exchange system.
This gives businesses more control over their money.
For years, Iran has had trouble with access to the global financial system. U.S. sanctions have made it difficult for many Iranian firms to use banks outside the country. This can make even simple international trade much harder.
Crypto offers another route. Bitcoin and USDT can move across borders without the same type of bank transfer that a normal international payment needs.
That does not mean crypto removes all limits. It simply gives Iranian businesses another financial tool at a time when normal options are limited.
Why Bitcoin and Tether Matter
Bitcoin and Tether have very different roles.
Bitcoin is a digital asset whose price can change sharply. Its value can rise or fall within a short time. That makes it less stable for businesses that need to plan the exact value of a payment.
Tether is different. USDT is a stablecoin that aims to keep a value close to one U.S. dollar. For a company that wants to hold a digital dollar rather than the Iranian rial, this can be useful.
The use of USDT may therefore have a simple reason. Businesses need a digital asset with a value that does not change as sharply as Bitcoin.
Iranian firms can receive export payments through crypto and then use those funds for imports. This can reduce the need to first convert the money through the official foreign exchange system.
About $10 Billion in Crypto in 2025
Iran already has a large crypto market.
Data cited by the Financial Times shows that about $10 billion worth of cryptocurrency moved through Iran in 2025. That figure shows that digital assets are not a small side part of the country’s financial system.
Crypto has become useful to people and businesses that face limits on normal financial services.
Iran also has a major role in Bitcoin production. Blockchain analytics firm Elliptic estimates that Iran accounts for about 4.5% of global Bitcoin mining activity.
This gives Iran another link to the crypto economy. The country does not only use digital assets for payments. It also earns crypto through large-scale Bitcoin mining.
More Than €94 Billion in Export Money
Iran also faces a separate problem with money that stays outside the official financial system.
More than 20,000 people and companies have been cited for failure to return export earnings to Iran. The amount involved is about €94 billion.
Iranian authorities have tried to get these funds back into the country. The use of crypto may give some businesses another way to move overseas money back home.
There are also reports that more than $100 billion in undeclared overseas and domestic earnings remain outside the official system.
These figures show why foreign currency control is such a major issue for Iran. The government needs access to money that can support imports and other parts of the economy.
Crypto may help with that goal, although it cannot solve every problem.
Sanctions Still Create a Major Risk
The biggest problem for Iran is that crypto does not place businesses outside U.S. sanctions.
Bitcoin and USDT may move outside the traditional bank system, but the people and companies that handle those transactions can still face sanctions.
The U.S. Treasury has warned about risks tied to digital asset deals with Iran. The United States has also placed pressure on Iranian crypto platforms.
This creates a difficult situation for Iranian businesses. Crypto may make a payment easier, but a foreign company that accepts the payment could still face legal or financial pressure.
Public blockchain networks also create a record of transactions. Bitcoin and many other crypto networks do not hide every transaction. Blockchain data can be studied and traced.
So crypto can reduce reliance on banks, but it does not make money movement invisible.
Tether Has Already Taken Action
Tether itself has also shown that it can take action when it finds wallets tied to sanctioned entities.
The company previously froze about $344 million in crypto assets linked to the Central Bank of Iran, according to reports cited by industry sources.
That detail is important because it shows one of the limits of Iran’s crypto strategy.
USDT may act like a digital dollar, but Tether controls the token’s central system. If Tether decides that a wallet must be frozen, the owner may lose access to those funds.
This is different from Bitcoin, which has no single company that controls the entire network.
For Iranian businesses, the choice between Bitcoin and USDT can therefore involve different types of risk.
Crypto Cannot Replace the Whole Banking System
Iran’s increased use of crypto does not mean that digital assets can replace the country’s entire banking system.
A modern economy needs banks, payment networks, credit, trade finance and access to foreign markets. Crypto can help with some payments, but it cannot easily replace every service that banks provide.
The Financial Times report also notes that Iran’s use of crypto is largely a result of geopolitical pressure rather than a simple plan to become a global crypto leader.
That difference matters.
Iran is not turning to Bitcoin and Tether only because it sees crypto as a better form of money. It is doing so because traditional financial routes have become harder to use.
A New Role for Crypto in Global Politics
Iran’s case also shows how crypto has become part of global politics.
Digital assets were once seen mainly as a new form of finance. Today, governments, banks and regulators also view them through the lens of sanctions, national security and international trade.
Countries that face financial restrictions may see crypto as a way to gain more financial freedom. At the same time, governments that impose sanctions may see crypto networks as another area that needs close control.
This creates a difficult balance.
Crypto can help companies move value when banks cannot. But those same transactions can attract attention from regulators and law enforcement agencies.
Iran’s Crypto Path Has Limits
Iran now has a wider set of tools for international trade. Bitcoin and Tether can help businesses move export funds, pay for imports and deal with some of the limits caused by sanctions.
The numbers show why this matters. About $10 billion in crypto moved through Iran in 2025. The country accounts for about 4.5% of global Bitcoin mining activity. More than 20,000 people and companies have failed to return about €94 billion in export revenue, while more than $100 billion in undeclared earnings remains outside the official system.
Yet crypto cannot remove Iran’s wider economic problems.
U.S. sanctions remain in place. Foreign firms can face serious risks if they deal with sanctioned Iranian entities. Tether has already frozen about $344 million in wallets linked to Iran’s central bank.
For now, Iran appears to view crypto as a practical financial tool. Bitcoin and Tether can help keep some trade alive when traditional banking routes are closed or difficult to use.
The move shows how digital assets can gain a new role when a country faces severe financial pressure. But it also shows the limits of crypto. Digital money may create another path for trade, but it does not remove sanctions, legal risk or the need for a stable financial system.
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