The U.S. Treasury Department is sanctioning multiple cryptocurrency wallets linked to Iran as part of a broader effort to increase economic pressure on the regime, according to a report by www.theblock.co.
Treasury Secretary Scott Bessent announced the move as part of President Donald Trump’s ongoing strategy to target financial lifelines tied to the country. Bessent stated, “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime.”
The sanctions follow Tether's recent decision to freeze $344 million worth of USDT. The stablecoin issuer noted the action was taken in coordination with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement.
CNN reported that the frozen funds were linked to Iranian sanctions. Specifically, two Tron addresses were blacklisted at the smart contract level. One address contained roughly $213 million in USDT, while the other held $131 million.
Chainalysis data shows that crypto holdings in Iran reached $7.8 billion in 2025. The firm estimates that the Islamic Revolutionary Guard Corps (IRGC) accounts for approximately half of those holdings and frequently executes large transfers between private wallets.
Iran's use of digital assets
Iran has long utilized cryptocurrencies to bypass international economic sanctions. Earlier this month, the Financial Times reported that the country has accepted Bitcoin as payment for transit fees imposed on oil tankers passing through the Strait of Hormuz.
Chainalysis reported to CNN that the two wallets recently frozen by Tether were regularly active several years ago. The Iranian government remains a significant hub for cryptocurrency mining operations.
