The United States is expanding economic pressure on Iran into the world of cryptocurrencies as well. Four wallets that, according to the U.S. Department of the Treasury, are linked to the Iranian central bank have been placed on the sanctions list. Tether subsequently froze stablecoins USDT worth approximately $131 million in these wallets.
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The U.S. government has frozen more than $130 million in cryptocurrencies stored in wallets linked to Iran. The action was confirmed on Tuesday, July 14, by U.S. Treasury Secretary Scott Bessent, who stated that the affected addresses were connected to the Iranian central bank.
The suspicious movement was first highlighted by a blockchain investigator operating under the name Specter. According to him, blockchain data showed that Tether froze four wallets on the Tron network. Together they contained approximately 131 million USDt tokens, better known by the abbreviation USDT.
USDT is a so-called stablecoin whose value is supposed to hover around one U.S. dollar. Unlike bitcoin, however, it is issued by a specific company. Tether can therefore blacklist designated addresses and prevent the tokens stored in these wallets from being transferred further.
U.S. Department wants to “track the flow of money”
Bessent stated that the U.S. Department of the Treasury intends to disrupt Iran’s illegal financial activities, including the use of digital assets. According to him, the United States will continue to “aggressively track the flow of money” and prevent the Iranian regime from accessing proceeds from activities that Washington considers illegal.
The cryptocurrency freeze does not mean that the United States has gained control over the Tron blockchain itself. The U.S. Office of Foreign Assets Control, known by the acronym OFAC, imposed sanctions on specific addresses. Tether, as a centralized stablecoin issuer, was then able to block the tokens so that their holders could no longer manage them.
The case thus demonstrates once again the difference between decentralized cryptocurrencies such as bitcoin and stablecoins issued by private companies. While USDT transfers take place via a public blockchain, the issuer itself retains the ability to freeze tokens at selected addresses.
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Tether already froze another $344 million in April
This is not the first such action against cryptocurrencies linked to Iran. As early as April 23, Tether announced that, in cooperation with OFAC and U.S. law enforcement agencies, it froze more than $344 million in USDT. At the time, the funds were located at two addresses, and the company stated that the block prevented their further movement.
The U.S. Department of the Treasury claimed in May that its actions led to the freezing of nearly half a billion dollars in cryptocurrencies linked to the Iranian regime. Bessent subsequently stated that the total value of Iranian cryptocurrency assets confiscated or frozen by the United States reached approximately one billion dollars.
The measures are part of a broader U.S. campaign known as Operation Economic Fury. The program, launched in March 2025, is intended to limit Iran’s ability to move money, circumvent international sanctions, and finance its military and weapons activities.
In a June statement, Bessent said that through this operation, the U.S. Department is disrupting foreign supply networks that help the Iranian military acquire weapons. He also claimed that Washington froze the regime’s assets, significantly damaged its economy, and disrupted the functioning of its military apparatus. According to him, the United States will not tolerate any support for Iranian armed forces.
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Freeze comes amid renewed fighting
The latest action against cryptocurrency wallets comes at a time of sharp deterioration in relations between Washington and Tehran. A fragile ceasefire concluded in June began to unravel after both countries started accusing each other of violating the agreement and resumed military operations.
The United States reimposed a naval blockade of Iranian ports, and U.S. Central Command announced another wave of strikes against Iranian military targets. CENTCOM confirmed the resumption of the blockade on July 13 and during the same period also reported new attacks on Iranian facilities.
The Iranian military, meanwhile, claimed it conducted drone attacks against U.S. military installations at the Al Azraq air base in Jordan. Iran simultaneously reported strikes against other U.S. targets in the region, while the United States continued attacks on Iranian coastal defense systems and missile positions.
The freeze of $131 million in USDT can therefore be seen as part of a broader confluence of military and financial pressure. Washington is not focusing only on traditional bank accounts, oil trade, or foreign supply chains. It is paying increasing attention to cryptocurrencies as well, which states, companies, and individuals can use for cross-border money transfers outside the conventional banking system.
The case also serves as a reminder that the label “cryptocurrency” does not automatically mean that the funds in question cannot be frozen. With centralized stablecoins such as USDT, issuers can block specific addresses based on sanctions or requests from authorities – even when the transactions themselves take place on a publicly accessible blockchain.
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