A 28-page report from the Senate Permanent Subcommittee on Investigations, released on September 28, 2026, reveals that 84% of 846 assessed sanctioned crypto wallets linked to Iran transacted primarily in USDT. Iran’s Central Bank has reportedly accumulated at least $507 million in USDT, while sanctioned oil smugglers transferred over $603 million in USDT between 2021 and 2025. Iran conducted approximately $2 billion in cryptocurrency transactions in 2025, with USDT dominating the flow. The report also identifies connections to Hezbollah and has referred its findings to the Treasury Department and the Justice Department. Tether stated it froze nearly $550 million in USDT associated with Iran in 2026, but the Senate argues these measures are insufficient and too slow.
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