Iranians, IRGC turns to BTC, USDT amid escalating currency, geopolitical tensions

Chainalysis claims that Iranians are increasingly withdrawing Bitcoin from exchanges and stashing it in their personal wallets, as the rial has plummeted 90% since 2018. The Islamic Revolutionary Guard Corps (IRGC) has dominated on-chain activity in Iran, accounting for over 50% of the total value realized in Q4 2025.

A Chainalysis study found that the Iranian crypto ecosystem grew faster in 2025, reaching over $7.78 billion. The IRGC’s on-chain activity also reached over $2 billion in 2024, jumping to over $3 billion in 2025.  

Meanwhile, the most recent data reveal a significant shift in on-chain behavior during domestic and regional unrest. Many Iranians now view crypto as a form of resistance, offering flexibility and liquidity in an unstable economic environment.

Traditional assets are usually illiquid and subject to government control during major domestic instability, but Bitcoin’s censorship-resistant nature and self-custodial capability offer financial flexibility, according to Chainalysis.