The Trump administration has significantly increased economic pressure on Tehran by freezing $344 million in cryptocurrency that is purportedly connected to Iran.
The action takes place as a precarious ceasefire persists and diplomatic attempts to resolve the regional issue continue to stagnate.
Treasury Secretary Scott Bessent verified this on Friday that the agency “is sanctioning multiple wallets tied to Iran.” Adding that, “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.”
Following information supplied “by several U.S. authorities about activity tied to unlawful conduct,” Tether, the business enabling the transfers, declared that it had “supported the US government in freezing” the monies across two locations.
Blockchain analytics, according to a US official, revealed “evidence of material links to the Iranian regime,” including transactions with Iranian exchanges and routes via intermediary addresses engaging with wallets connected to the Central Bank of Iran.
Meanwhile, Paolo Ardoino, CEO of Tether, also responded to the action by saying, “USD is not a safe haven for illicit activity.” We take swift action when there is a plausible connection to criminal networks or sanctioned organisations.
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The freeze demonstrates how sanctioned regimes are increasingly depending on digital assets to get beyond conventional banking regulations.
The Islamic Revolutionary Guard Corps (IRGC) is said to have held half of Iran’s $7.8 billion in cryptocurrency holdings in 2025, according to the cryptocurrency tracking company Chainalysis.
The Atlantic Council’s Daniel Tannebaum described the freeze as “meaningful,” but he pointed out that Iran has long adjusted to sanctions and said that “the way to get at Iran at this point… is to go with the third country actors enabling them.”
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