U.S. Sanctions Iran-Linked Crypto Wallets, Tether Freezes $344M USDT

U.S. Treasury Secretary Scott Bessent announced on Friday that the federal government is sanctioning 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 follows Tether’s freeze of $344 million in USDT on Thursday, which was coordinated with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement, and has now been linked to Iranian sanctions.

Tether Freeze and Wallet Details

The two Tron addresses that Tether froze held significant USDT balances: one address held approximately $213 million while the other held $131 million. Both wallets were blacklisted at the smart contract level. According to Chainalysis, the two wallets were regularly active years ago, CNN reported.

Treasury Department Statement

“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,” Bessent said in a statement quoted by CNN.

Iran’s Cryptocurrency Activity

Iran has increasingly turned to cryptocurrencies to circumvent economic sanctions imposed by the United States and its allies. 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.

According to Chainalysis, crypto holdings in Iran reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps (IRGC) accounting for roughly half of those holdings. Chainalysis noted that the IRGC has become accustomed to making large transfers totaling several million dollars between private wallets.