Iran's crypto parallel economy is truly an interesting situation. The ecosystem, which reached $7.78 billion last year, is one of the most tangible examples of moving outside the dollar system. According to Chainalysis's report, the Central Bank of Iran has spent over $507 million just on USDT holdings. This amount can be used to maintain the riyal's stability and finance international trade.

However, the noteworthy point is that more than 50% of this flow belongs to addresses connected to the Iranian Revolutionary Guard. Over $3 billion, moving under IRGC control, is expected to be in circulation by 2025. On the Bitcoin mining side, the Iranian government mines Bitcoin at an estimated cost of around $1,300 and sells it at market price. Mining, which is a highly energy-intensive activity, actually benefits countries with abundant energy resources.

Recently, military operations by the US and Israel targeting the region have begun to threaten such mining activities. Attacks on energy infrastructure could directly impact crypto operations. How sustainable Iran's crypto strategy will be in terms of evading sanctions and economic resistance remains to be seen.