US Treasury Secretary Scott Bessent announced plans to seize $1 billion in cryptocurrency linked to Iran this week. This action is part of broader US sanctions and a strategy to economically isolate the country following the military conflict that began in February 2026.
Speaking at the Newsmax NPolicy Summit, Bessent stated that authorities have identified the location of these digital assets and are working to isolate them. The Treasury Department did not specify whether the seizure targets particular exchanges or involves intervention by stablecoin issuers.
The Office of Foreign Assets Control has been targeting crypto exchanges that facilitate fund transfers to Iran’s Islamic Revolutionary Guard Corps since August. In April, Secretary Bessent reported that authorities had already seized $500 million in crypto assets connected to Iran.
Stablecoin issuer Tether reported freezing $550 million in USDT throughout 2026 as part of these sanctions. This total includes $344 million frozen in April alone, supporting the Treasury's ongoing efforts to increase economic pressure on Iranian financial networks.
