The Trump administration froze $344 million in cryptocurrency linked to Iran, Treasury Secretary Scott Bessent announced Friday. The Office of Foreign Assets Control imposed sanctions on multiple wallets, blocking access to the funds primarily held as USDT stablecoins on the Tron network.

Bessent stated on X that the Treasury is "sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in cryptocurrency." He added, "We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime."

The action followed Tether's announcement Thursday that it supported U.S. authorities in freezing the same amount across two addresses after receiving information on activity tied to unlawful conduct. U.S. officials linked the wallets to the Iranian regime through blockchain analytics, citing transactions with Iranian exchanges and intermediary addresses connected to Central Bank of Iran-associated wallets. One official noted the Central Bank of Iran uses complex methods to obscure its role in cross-border digital asset transactions aimed at stabilizing the rial and enabling restricted international trade.

The freeze spotlights Iran's growing reliance on cryptocurrency to evade sanctions. Chainalysis estimated Iran's crypto ecosystem reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps linked to roughly half by late last year. IRGC crypto inflows surged to over $3 billion in 2025 from $2 billion in 2024, funding sanctions-busting oil exports and offshore payments via stablecoins like USDT.

This marks one of the largest crypto enforcement actions tied to Iran amid escalating U.S. pressure during a fragile ceasefire in regional conflicts. The move comes alongside sanctions on a China-based refinery for buying Iranian petroleum. The Iranian mission to the United Nations declined to comment.

Experts view the freeze as significant but noted Iran's adaptations through third-country actors like China. Daniel Tannebaum of the Atlantic Council called it "meaningful" yet unlikely to halt Tehran's operations alone, given its long use of crypto for armaments outside the U.S. banking system.

The Treasury maintains dialogue with financial institutions, including crypto exchanges, to enforce sanctions. Last year, hackers stole about $90 million from Iran's largest exchange during Israeli strikes.