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Iran Buys $507M of USDT to Bolster Rial Amid Currency Crisis
Iran’s Central Bank (CBI) spent $507 million on Tether’s USDT stablecoin, according to a report by blockchain analytics firm Elliptic. The purchases aimed to influence foreign exchange markets and stabilize the value of the Iranian rial, which has fallen sharply in recent months. These findings were based on leaked documents, allowing Elliptic to track the central bank’s cryptocurrency activities. Elliptic traced the central bank’s acquisition of USDT by examining blockchain records linked to Iran’s wallet infrastructure. According to their research, the central bank systematically accumulated USDT, ... (full story)
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