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The U.S. Department of the Treasury added four cryptocurrency wallets linked to the Central Bank of Iran to its sanctions list. The move came after the ceasefire collapsed between the two countries and attacks with airstrikes and drones resumed. This is not a symbolic gesture: Tether, the issuer of USDT, froze $131 million in stablecoins held in those accounts.
The episode reinforces a trend that has been taking shape in recent months: the use of on-chain tools as a direct instrument of American foreign policy. It also raises important questions about the role of stablecoins in the global financial system, both as a vehicle for evading sanctions and as a mechanism for enforcement.