Stablecoin

TRM Labs said in a January 9 report that UK‑registered exchanges Zedcex and Zedxion enabled about $1 billion in flows linked to Iran's IRGC. Illicit share peaked at 87% in 2024, with transfers largely in USDT on TRON, and corporate records tied Zedcex to sanctioned financier Babak Morteza Zanjani.

Tether has worked with U.S. authorities to block wallets allegedly linked to Venezuelan oil trade sanctions evasion involving PdVSA. The company’s actions have intensified scrutiny of stablecoins, even as USDT holds its $1.00 peg with a market cap of $186.72 billion and 24-hour trading volume of $37.45 billion. These enforcement-aligned freezes are prompting debate over stablecoin compliance and future regulatory expectations.

On January 11, a report said Venezuela's President Nicolás Maduro used Tether (USDT) to help PdVSA settle oil trades under U.S. sanctions. Tether reiterated cooperation with U.S. authorities and freezes wallets on official request. USDT was near $0.99 with a $186.76 billion market cap and about $37.36 billion in 24-hour volume.

In 2025, Russia's Social Fund handled about 37 million inquiries, with many asking about pension payments in crypto and whether mining income affects benefits. Officials said all state payments are in rubles and crypto taxation is under the Federal Tax Service. Senior official Maxim Oreshkin urged treating mining as export activity, while exchanges prepared for rules taking effect by July 1, 2026.

Brazilian exchange Mercado Bitcoin has released a report projecting that Bitcoin’s market capitalization will more than double by the end of 2026 to reach 14% of gold’s market value. The exchange also expects stablecoin capitalization to climb to $500 billion and altcoin ETFs, led by XRP and Solana products, to see strong institutional inflows.

On-chain data indicates that more than $1.25 billion in USDT was withdrawn from Binance in a single session, while the exchange's stablecoin reserves fell by nearly $1.7 billion over two days. At the same time, very large wallets holding over $100 million in USDT reportedly added about $4.7 billion, suggesting capital is moving into off-exchange storage, softening short-term trading activity but not necessarily signaling market distress.

Lawmakers are reportedly considering limits on stablecoin yields during bipartisan talks on a U.S. crypto market structure bill set for markup on 15 January. Industry figures including Galaxy’s Mike Novogratz and VC Nic Carter have criticized the idea, with Carter suggesting the sector might be better off without the bill if rewards are curbed. The bill needs support from 7‑10 Democrats to clear the Senate Banking Committee, and a failed vote could make another attempt in 2026 difficult.

On July 2, 2025, Tether Ltd. carried out its largest sanctions-related freeze, blocking 42 cryptocurrency addresses tied to Iran's Islamic Revolutionary Guard Corps and about $1 billion in flows primarily in USDT on Tron through UK-registered exchanges Zedcex and Zedxion. The action, identified and detailed by TRM Labs, is prompting closer scrutiny of sanctions-evasion risks, while USDT continues trading near its $0.999 peg with a market cap of 186,712,276,063 and a sharply lower trading volume.

Iran’s Islamic Revolutionary Guard Corps used UK-registered exchanges Zedcex and Zedxion to move about $1 billion between 2023 and 2025. Most transfers involved Tether's USDT on the Tron network, with IRGC-linked activity making up 56% of their volume. The flows accelerated from $24 million in 2023 to $619 million in 2024, then $410 million in 2025.

This week, Tether minted an additional $1 billion in USDT, lifting combined USDT and USDC issuance over the past seven days to $3.75 billion and underscoring strong liquidity demand. Over the same period, Bitcoin surged by $2,100 within 45 minutes after the Supreme Court postponed its tariff ruling, while stronger-than-expected U.S. labor data reduced the likelihood of a near-term Federal Reserve rate cut. Rising stablecoin transaction volumes, falling Tether reserves, and macro uncertainty are prompting traders to approach Bitcoin's next move with caution.