Iran's crypto "shadow economy" size reaches $7.78 billion, with the public turning to Bitcoin for risk hedging

ZkProver · 2026-03-01T01:31:02+00:00

According to Chainalysis, Iran's cryptocurrency ecosystem is expected to reach $7.78 billion by 2025, with growth exceeding the previous year. Since the legalization of mining in 2019, the influence of the IRGC in this sector has increased. It is projected that by the end of 2025, IRGC-related addresses will account for over 50% of total inflows. Although the central bank has accumulated USDT to stabilize the rial, the rial has depreciated significantly, and ordinary citizens are gradually turning to Bitcoin investments.

ZkProver

2026-03-01 01:31:02

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ChainCatcher reports that, according to Coindesk, blockchain analytics firm Chainalysis states Iran’s cryptocurrency ecosystem will reach $7.78 billion by 2025, with growth exceeding the previous year.

Iran legalized cryptocurrency mining in 2019, allowing licensed operators to use subsidized electricity and sell mined Bitcoin to the central bank. Recent estimates suggest Iran accounts for 2% to 5% of global Bitcoin mining hash rate. The Islamic Revolutionary Guard Corps (IRGC), as the country’s main military force, has continued to deepen its influence in the cryptocurrency sector.

Chainalysis estimates that in Q4 2025, over 50% of Iran’s total cryptocurrency inflows will be from addresses associated with the IRGC, which received over $3 billion last year. Another analysis by Elliptic found that the Central Bank of Iran accumulated at least $507 million in USDT by 2025, potentially helping to stabilize the rial’s exchange rate and promote trade. However, this effort largely failed, with data showing the rial has depreciated over 96% against the dollar. Meanwhile, ordinary Iranians have started turning to Bitcoin. During recent protests and internet outages, the amount of Bitcoin withdrawn from local exchanges to personal wallets surged.

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