Chainalysis Senior Intelligence Analyst Kaitlin Martin reports that the Islamic Revolutionary Guard Corps dominates Iran’s cryptocurrency market, controlling a very significant portion of it.
Iran’s recent implementation of a toll system in the Strait of Hormuz seems to be another step in its increasing use of cryptocurrency. However, it’s not Bitcoin driving this trend – stablecoins are playing the biggest role.
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A Military Wing Becomes A Crypto Powerhouse
Martin recently told BeInCrypto that Iran has built a thriving cryptocurrency market because international sanctions have made it difficult for Iranians to use traditional global financial systems.
In recent years, crypto exchanges within Iran have grown considerably and experienced a lot of trading activity. As more Iranians start using cryptocurrency, the Islamic Revolutionary Guard Corps continues to be the main player in the country’s digital currency market.
In my research, I found that the Islamic Revolutionary Guard Corps (IRGC) was responsible for almost half of all cryptocurrency activity originating from Iran during the last three months of 2025. It was a surprisingly high percentage, indicating a significant level of involvement.
From my analysis, it’s become clear the IRGC is dominating a vast majority of cryptocurrency-related activities. They’ve really taken control of that space.
Martin pointed out that the $3 billion projection for 2025 is actually a conservative estimate. It’s based only on information that’s already been made public, so the actual number could be higher.
We’re increasingly seeing countries incorporate cryptocurrency into their financial systems, combining it with existing money transfers. Given this trend, it’s not surprising that Iran is using high volumes of crypto compared to the overall cryptocurrency market, as I’ve been observing.
Stablecoins Emerge as Iran’s Preferred Crypto Rail
With Iran’s cryptocurrency market expanding, evidence suggests the Islamic Revolutionary Guard Corps is increasingly relying on stablecoins. According to Martin, records of sanctions and seized crypto assets reveal a lot about how Iran utilizes cryptocurrency.
The U.S. Treasury Department has put sanctions on several digital wallets connected to individuals linked to Iran’s Revolutionary Guard. Simultaneously, Israel’s counter-terrorism financing bureau has seized over 100 similar wallets, all of which were using stablecoins.
Martin said regulatory filings also show Iran using stablecoins for trade and procurement at scale.
“We do know in fact that the Iranian regime is using stable coins,” she mentioned.
Even though authorities can block these assets, their connection to the US dollar and ability to quickly send money across borders make them appealing for countries facing heavy sanctions and restricted access to dollars.
Martin believes Bitcoin can be useful for both the Iranian government and everyday citizens. However, for larger-scale transactions and collecting fees, he suggests stablecoins are a more practical choice.
What To Watch
The Islamic Revolutionary Guard Corps’ economic activity increased significantly, jumping from $2 billion to $3 billion in just one year. Now that they’ve reportedly begun collecting tolls in the Strait of Hormuz, this growth could happen even faster.
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Iran has introduced “Hormuz Safe,” a new service providing digital insurance for ships passing through the Strait of Hormuz. Payments for this insurance will be made using Bitcoin. The Iranian Ministry of Economy has been working on this project since April, and they believe it could bring in significant revenue…
— TFTC (@TFTC21) May 17, 2026
The issue is particularly clear when a sanctioned armed group gains control within a country’s cryptocurrency market and begins accepting Bitcoin for access to international trade. This makes it difficult to distinguish between a military organization and a financial one.
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2026-05-18 14:52