Iran's Central Bank Utilizes Tether to Bolster Rial and Facilitate Trade

Iran's central bank acquired approximately $507 million in Tether (USDT) last year to strengthen its national currency, the rial, and manage international trade payments. According to NS3.AI, the acquisition was executed through two significant transactions in April and May 2023. The majority of the funds were transferred to the local exchange Nobitex. Following these transactions, conversions via a cross-chain bridge resulted in the outflow of USDT from the bank's wallet by the year's end.