In 2025, Iranian crypto trading platform flows decreased by 11% to $3.7 billion amid nuclear negotiation breakdowns with Israel, a significant hack of $90 million at Nobitex—the country's largest crypto exchange—and the blacklisting of stablecoins. The decline was most apparent in June and July, coinciding with heightened conflict and power outages in Iran. The Nobitex hack on June 18 disrupted liquidity and transaction processes, pushing users to seek alternative exchanges. Additionally, Tether's significant freeze of Iranian-linked addresses on July 2 exacerbated the situation, leading to a coordinated effort by Iranian exchanges to encourage moving assets to Dai on Polygon. Despite these challenges, Iranians continue to use crypto to preserve value, especially through stablecoins, amid rampant inflation and sanctions. Moreover, the country utilizes crypto to purchase sensitive goods and fund operations abroad, although illicit transactions represent a minimal fraction of overall volume.

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