IRAN'S CENTRAL BANK BOUGHT $507M IN USDT TO SHORE UP THE RIAL

Summary from the TLDR Crypto newsletter

Elliptic's investigation claims Iran's central bank purchased at least $507m of USDT last year via OTC routes (payments in UAE dirhams, linked to an entity called Modex), routed much of it through Nobitex and cross-chain bridges into DEXs and other exchanges to stabilize the rial and settle trade, and ultimately moved all identified USDT out of CBI-linked wallets. This demonstrates that stablecoins can facilitate sanctioned states' dollar access while also leaving an on-chain trail that enables freezes and enforcement actions.