US Sanctions Iran-Linked Crypto Wallets Holding $344M Frozen by Tether

U.S. Treasury Secretary Scott Bessent announced sanctions on multiple wallets linked to Iran as part of President Donald Trump’s efforts to increase economic pressure on the country amid an ongoing ceasefire, according to CNN. The action followed Tether’s freeze of $344 million in USDT on Tron, which has now been linked to Iranian sanctions. Tether noted that the freeze was made in coordination with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement.

Sanction Details and Tether Freeze

Treasury Secretary 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 two Tron addresses that Tether froze on Thursday held approximately $213 million and $131 million in USDT respectively, and were blacklisted at the smart contract level. According to Chainalysis, these wallets were regularly active years ago.

Iran’s Cryptocurrency Holdings and Usage

Chainalysis estimates that crypto holdings in Iran reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps accounting for roughly half of those holdings. The IRGC has become accustomed to making large transfers totalling several million dollars between private wallets. Earlier this month, the Financial Times reported that Iran was accepting bitcoin as a form of payment for transit fees imposed on oil tankers passing through the Strait of Hormuz.

Cryptocurrency as Sanctions Evasion Tool

Iran, known as a bitcoin mining hub, has long turned to cryptocurrencies to sidestep economic sanctions imposed by the United States and its allies.