U.S., Israel strikes raise risk to Iran’s crypto ecosystem worth about 10 trillion won

As U.S. and Israeli strikes on Iran continue, analysts warn that the cryptocurrency ecosystem Iran has built could be pushed into crisis.

On the 1st (Korea time), crypto-focused outlet CoinDesk reported that “as recent military attacks threaten Iran’s power grid, the government-led bitcoin mining industry and a stablecoin-based payment network could be affected.” The outlet noted that “the crypto industry depends on large-scale electricity supply,” adding that “if power infrastructure is hit, Iran’s domestic crypto industry could contract.”

Iran has permitted crypto mining under government authorization since 2019. It is said to have built a structure in which it mines bitcoin using electricity and the central bank purchases the coins. As Western sanctions on Iran have intensified, the Iranian government has used crypto infrastructure for trade settlement and other purposes to bypass dollar-based payment networks.

According to blockchain analytics firm Chainalysis, as of 2025 the size of Iran’s crypto ecosystem is estimated at about $7.78 billion (about 10 trillion won). Iran’s share of global bitcoin mining is estimated at 2–5%.

In particular, in Q4 2025, more than 50% of funds in Iran’s crypto ecosystem were analyzed as having flowed into addresses linked to the Islamic Revolutionary Guard Corps (IRGC).

Use of stablecoins—cryptoassets pegged to fiat currencies—is also on the rise. According to analytics firm Elliptic, Iran’s central bank stockpiled at least $507 million worth of Tether (USDT) in 2025. The Iranian rial has recently fallen 96% against the dollar.