Iran's central bank bought $507M in USDT over past year

Iran's central bank acquired approximately 507 million USDT over the past year to defend its national currency, the rial, and settle international trade payments, according to a report from blockchain analytics firm Elliptic cited by Decrypt. Elliptic stated it identified a cryptocurrency wallet used by the central bank to receive the USDT. The purchases were made in two transactions in April and May of last year, with most of the funds subsequently transferred to the local exchange Nobitex. The USDT was then converted into other assets via a cross-chain bridge, a process that continued through the end of last year, ultimately resulting in an outflow of 507 million USDT from the wallet.