US Treasury targets $1 billion in Iran-linked cryptocurrency

Bessent disclosed the potential seizure during the Newsmax NPolicy Summit in Washington on October 8. While he confirmed that officials have located the specific holdings and are working to isolate them, he did not clarify if this figure is distinct from previous enforcement actions. The Treasury’s broader strategy, dubbed Operation Economic Outcast, has already cast a wide net, targeting exchanges, shipping networks, and individuals accused of facilitating oil revenue conversions for the Islamic Revolutionary Guard Corps.

Private sector data underscores the scale of the challenge facing regulators. Chainalysis estimates that Iran’s cryptocurrency ecosystem processed over $7.78 billion in activity during 2025, with IRGC-associated wallets receiving more than $3 billion of that total. Tether has also collaborated with U.S. law enforcement to freeze roughly $550 million in USDT throughout 2026. These efforts often involve coordinating with the Office of Foreign Assets Control to blacklist specific wallet addresses, effectively preventing the movement of funds once identified as Iranian state assets.