Iran's Islamic Revolutionary Guard Corps controlled nearly 50% of the country's total cryptocurrency activity in the fourth quarter of 2025, according to Kaitlin Martin, Senior Intelligence Analyst at Chainalysis. The IRGC's tracked crypto footprint reached $3 billion in 2025, up from $2 billion, as Iran developed a cryptocurrency economy in response to international sanctions that limited access to major global exchanges. The newly reported Strait of Hormuz toll system marks the latest expansion of Iran's crypto integration efforts, with stablecoins—not Bitcoin—serving as the primary digital asset rail for the paramilitary group's financial operations.
IRGC Controls Nearly 50% of Iran's Crypto Activity in Q4 2025
In an interview with BeInCrypto, Martin stated that Iran has developed a cryptocurrency economy as a result of international sanctions. Domestic Iranian crypto exchanges have seen significant growth and high trading volumes in recent years. The IRGC accounted for nearly 50% of Iran's total crypto activity in the fourth quarter of 2025.
"The IRGC is taking over an overwhelmingly large share of that cryptocurrency activity as a whole," Martin said.
Martin noted that the $3 billion figure for 2025 is a lower-bound estimate based solely on publicly available data. "Again we are really seeing nation states begin to integrate crypto into their financial instruments into their financial rails layer it with their you know traditional financial movements of funds. So you know it's not really surprising to me as I'm tracking this activity to see such high volumes being used by the regime um in comparison to the crypto economy as a whole in Iran," she told BeInCrypto.
Stablecoins Serve as Primary Rail for IRGC Crypto Operations
Martin highlighted that sanctions records and seizure orders provide insight into how Iran uses crypto. The United States Department of the Treasury's Office of Foreign Assets Control has sanctioned multiple wallets linked to IRGC-linked actors. The National Bureau for Counter-Terror Financing of Israel has seized more than 100 related wallets, all of which used stablecoins.
Martin said regulatory filings show Iran using stablecoins for trade and procurement at scale. "We do know in fact that the Iranian regime is using stable coins," she stated.
Martin explained that stablecoins' dollar peg and ability to facilitate rapid cross-border payments make them attractive for a heavily sanctioned economy with limited access to global dollar liquidity. "I think that there is a place for Bitcoin in its use by regime actors as well as ordinary Iranians. But when we're talking about a potential toll being collected, when we're talking about trade being conducted at scale, stablecoins offer an attractive option," Martin commented.
IRGC Crypto Footprint Grew to $3 Billion in 2025
The IRGC's tracked footprint grew from $2 billion to $3 billion in a single year. The Hormuz toll is reportedly operational. When a sanctioned paramilitary group becomes a dominant player in a national crypto economy and starts pricing its own access to global trade routes in Bitcoin, the line between the military and a financial institution blurs.
FAQ
What percentage of Iran's crypto activity did the IRGC control in Q4 2025?
The IRGC controlled nearly 50% of Iran's total cryptocurrency activity in the fourth quarter of 2025, according to Kaitlin Martin, Senior Intelligence Analyst at Chainalysis.
Why does Iran's IRGC prefer stablecoins over Bitcoin?
Stablecoins offer a dollar peg and facilitate rapid cross-border payments, making them attractive for a heavily sanctioned economy with limited access to global dollar liquidity. Regulatory filings show Iran using stablecoins for trade and procurement at scale, and over 100 IRGC-linked wallets seized by Israel's National Bureau for Counter-Terror Financing all used stablecoins.
What is the Strait of Hormuz toll system?
The newly reported Strait of Hormuz toll system marks the latest expansion of Iran's crypto integration efforts. The toll is reportedly operational, with the IRGC pricing access to global trade routes using cryptocurrency.
