U.S. Freezes $344 Million in Iran-Linked USDT Amidst Renewed Crypto Sanctions

TLDR

• The U.S. Treasury has frozen $344 million in USDT associated with Iran as part of an initiative named “Economic Fury.”
• Tether has blacklisted two TRON blockchain addresses that held these funds.
• Iran’s central bank has been utilizing cryptocurrency to conceal its cross-border transactions while under sanctions.
• A second round of peace negotiations between the U.S. and Iran is potentially scheduled for this weekend.
• The U.S. has now frozen a total of up to $2 billion in funds linked to Iran.

(SeaPRwire) –   The Trump administration announced this week the freezing of $344 million in USDT, stating that these funds are connected to Iran. This action is part of a broader strategy of financial pressure aimed at encouraging Tehran to agree to a peace deal.

Treasury Secretary Scott Bessent revealed the action on Friday. His department’s Office of Foreign Assets Control (OFAC) imposed sanctions on several cryptocurrency wallets linked to the Iranian government.

“We will pursue the money that Tehran is desperately trying to move out of the country and target all financial lifelines connected to the regime,” Bessent stated. He referred to this effort as part of a campaign called “Economic Fury.”

Under Economic Fury, @USTreasury will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds.

Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in…

— Treasury Secretary Scott Bessent (@SecScottBessent) April 24, 2026

Stablecoin provider Tether took action on Thursday, blacklisting two addresses on the TRON blockchain. These addresses collectively held $344 million in USDT. Tether indicated its support for the U.S. government’s freeze.

A U.S. official informed CoinDesk that the sanctioned wallets demonstrated clear ties to the Iranian regime, evidenced by transactions with Iranian exchanges and routing through addresses associated with Iran’s central bank.

Iran’s Shift to Crypto

U.S. officials report that Iran has increasingly relied on digital assets to circumvent sanctions. The country has employed intricate transaction methods to obscure its involvement in cross-border payments.

Iran’s central bank has attempted to conceal its activities by transferring funds via cryptocurrency rather than traditional banking systems. The Treasury Department stated it is collaborating with blockchain analytics firms and cryptocurrency exchanges to monitor these financial flows.

In a separate development, Iran has reportedly favored Bitcoin over stablecoins for toll payments at the Strait of Hormuz, citing Bitcoin’s greater resistance to U.S. freezing efforts compared to USDT. The U.S. has now frozen a cumulative total of up to $2 billion in Iran-linked funds.

On Friday, the U.S. also sanctioned Hengli Petrochemical, a refinery based in China, accusing it of playing a significant role in Iran’s oil sector.

Peace Talks Could Resume This Weekend

A second round of peace discussions between the U.S. and Iran may occur this weekend. President Trump is dispatching envoys Steve Witkoff and Jared Kushner to Pakistan for a meeting with Iranian Foreign Minister Abbas Araghchi.

Vice President JD Vance, who led the initial round of talks, is not expected to participate this time. The Speaker of Iran’s Parliament, who headed the Iranian delegation in the first round, will also be absent.

Iran has stipulated the unfreezing of its assets as a condition for any peace agreement. Trump has asserted that the U.S. blockade at the Strait of Hormuz is costing Iran $500 million daily.

Bitcoin was trading at approximately $77,800 on Thursday, a slight decrease from its daily high of $78,400. The cryptocurrency has still seen an increase of over 3% for the week.