U.S. Treasury Secretary Scott Bessent said the federal government is sanctioning multiple wallets linked to Iran as part of President Donald Trump’s ongoing attempts to increase economic pressure on the country amid an ongoing ceasefire.
The move comes a day after Tether froze $344 million worth of USDT, which has now been linked to Iranian sanctions, CNN reported on Friday, citing an anonymous U.S. official. Tether noted on Thursday that the action was made in coordination with the U.S. Office of Foreign Assets Control (OFAC) and U.S. law enforcement.
“We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” Bessent said in a statement quoted by CNN.
Earlier this month, the Financial Times reported that Iran was accepting bitcoin as a form of payment for the transit fees it imposed on oil tankers passing through the Strait of Hormuz.
The country, which is known as a bitcoin mining hub, has long turned to cryptocurrencies to sidestep economic sanctions imposed by the United States and its allies.
Chainalysis estimates that crypto holdings in Iran reached $7.8 billion in 2025, with Iran’s Islamic Revolutionary Guard Corps accounting for roughly half of those holdings. The firm notes the IRGC has become accustomed to making large transfers totalling several million dollars between private wallets.
The two wallets Tether froze on Thursday were regularly active years ago, Chainlysis told CNN.
One of the Tron addresses held roughly $213 million in USDT while the other held $131 million. They were blacklisted at the smart contract level.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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