Iran crisis puts the regime's $7.8 billion crypto shadow economy in spotlight

Renewed U.S. and Israeli strikes have focused attention on Iran's parallel financial network built on Bitcoin mining and stablecoins, estimated by Chainalysis to be worth $7.78 billion in 2025. Iran legalized crypto mining in 2019, allowing licensed miners to use subsidized electricity in exchange for selling mined BTC to the central bank, which uses it to pay for imports outside the dollar system. The Islamic Revolutionary Guard Corps (IRGC) is deeply involved, with linked addresses accounting for over 50% of total Iranian crypto inflows in Q4 2025, exceeding $3 billion last year. Furthermore, Iran's central bank accumulated significant USDT stablecoins, likely to stabilize the collapsing rial, which has lost over 96% of its value. Ordinary Iranians also use crypto as a financial lifeline during unrest. While crypto offers a way to move value across borders opaquely, geopolitical risks like infrastructure damage from conflict could temporarily impact mining output.

(Source：CoinDesk)