Iran Exporters Increasingly Use Crypto for Cross-Border Payments Amid Sanctions

Iranian exporters are increasingly turning to cryptocurrencies to receive overseas payments as U.S. sanctions and restrictions on the country’s access to the international financial system make conventional settlement channels more difficult to use.

According to a report by the Financial Times, cited by Wu Blockchain, Iran’s central bank has quietly eased foreign-exchange controls in recent months and allowed exporters greater flexibility in repatriating funds through alternative channels, including cryptocurrency. Sources cited in the report said businesses can use USDT, Bitcoin and other digital assets for cross-border settlement through Iranian crypto exchanges, with USDT emerging as the most widely used option.

An executive at a government-linked company told the Financial Times that receiving export payments in cryptocurrency had become “completely normalized.”

Iran’s Crypto Activity Reaches About $10 Billion

The development comes against the backdrop of a sizable cryptocurrency market in Iran despite years of financial sanctions.

TRM Labs estimated that approximately $10 billion in cryptocurrency moved through Iran in 2025, including inbound and outbound activity. The firm’s 2026 Crypto Crime Report described Iran’s crypto economy as resilient under sanctions and geopolitical disruption, with activity adapting rather than disappearing.

TRM’s data also shows that stablecoins, particularly USDT, have become an important component of Iranian crypto activity. The firm attributed the preference to USDT’s liquidity, relatively low transaction costs and compatibility with broker-mediated settlement networks.

The scale of the market has attracted increased scrutiny from U.S. authorities. In June 2026, the Office of Foreign Assets Control designated four Iranian domestic cryptocurrency exchanges — Nobitex, Bit Pin, Wallex and Ramzinex. TRM Labs said the four platforms accounted for roughly $7.7 billion, or 78%, of Iran’s attributed crypto volume in 2025.

Crypto Becomes an Alternative Settlement Channel

For Iranian exporters, the growing use of digital assets reflects the broader impact of restrictions on traditional banking and cross-border payments. Crypto can provide an alternative route for transferring value when access to international financial infrastructure is constrained, although transactions involving sanctioned jurisdictions remain subject to significant legal and compliance risks.

The development also illustrates how stablecoins are increasingly being used beyond conventional crypto trading. In Iran, their role is extending into commercial settlement and other financial activities where access to dollar-based banking channels is restricted.

The Financial Times report said the Central Bank of Iran did not comment on the changes. The next question for financial institutions and regulators will be how Iran’s expanding use of crypto for export settlement affects sanctions markets enforcement and the international compliance obligations of exchanges, stablecoin issuers and intermediaries handling Iran-linked transactions.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.