Crypto usage in Iran is expanding as U.S. sanctions remain in place and the country’s currency continues to lose value. That shift has pushed more users toward digital assets in search of returns or alternative channels for holding value. Researchers say many participants moved away from local exchanges during recent periods of economic stress, while the U.S. Treasury is reviewing whether some crypto platforms may have been used to bypass sanctions, based on analysis from TRM Labs.
Researchers estimate annual volume at $8 billion to $10 billion
Using data from TRM Labs and Chainalysis, researchers estimate Iran’s crypto transaction volume reached roughly $8 billion to $10 billion last year. The activity was driven by both state-affiliated entities and ordinary investors. Tom Keatinge, director of the Centre for Finance and Security at the Royal United Services Institute, said that the more pressure applied to Iran’s economy, the more policymakers should expect consequences such as broader crypto adoption.
TRM Labs estimated that crypto network activity linked to Iran totaled about $10 billion last year, slightly below the $11.4 billion recorded in 2024. Chainalysis data points in another important direction: inflows to Iran-linked wallets kept rising, reaching a record $7.8 billion in 2025, up from $7.4 billion in 2024 and $3.17 billion in 2023.
Treasury review focuses on overseas transfers and hard currency access
As crypto activity grows, the U.S. Treasury is assessing whether some digital-asset platforms helped state-connected actors work around sanctions. Ari Redbord, TRM Labs’ global head of policy, said the review is centered on possible efforts to move funds abroad, obtain hard currency, or purchase goods despite existing restrictions.
Last week, the U.S. sanctioned two UK-based crypto exchanges after the Office of Foreign Assets Control said they processed funds linked to the Islamic Revolutionary Guard Corps. U.S. authorities also targeted Iranian financier Babak Morteza Zanjani over alleged support for IRGC-linked activity.
Analysts disagree on how much of the flow is state-linked
Researchers caution that it is extremely difficult to measure how crypto is actually used inside Iran, and estimates vary widely on the split between state-linked flows and retail activity. Chainalysis data suggests that about half of last year’s crypto transactions were connected to the Islamic Revolutionary Guard Corps, a group with major political and economic influence in Iran and close ties to Supreme Leader Ayatollah Ali Khamenei.
TRM Labs presents a different breakdown. The firm says most Iran-related crypto flows come from retail investors, though it has identified thousands of wallet addresses linked to the IRGC and says those addresses have handled around $3 billion in digital assets since 2023.