Against the backdrop of escalating global geopolitical tensions, stablecoins are playing a subtle and complex role. The situations in Iran and Venezuela precisely reflect this contradiction.

**The Real Dilemma in the Iranian Market**

The Iranian rial continues to depreciate, coupled with heavy international sanctions, making it increasingly difficult for ordinary citizens to protect their assets through traditional financial tools. Stablecoins like USDT have become mainstream choices to combat inflation. However, the government's response has been swift—setting annual holding limits on stablecoins.

But this is not the most concerning part. According to a TRM Labs investigation, since 2023, the Iranian Islamic Revolutionary Guard Corps has transferred over $1 billion worth of stablecoin assets through front companies in the UK. The emergence of this cross-border financing chain indicates that stablecoins have become an effective tool for circumventing sanctions and regulatory oversight.

**Venezuela’s Everyday Application**

In this high-inflation country, the situation has become more integrated into daily life. USDT has been incorporated into the entire chain from street vendors to large-scale trade. Since 2020, Venezuela’s state oil company PDVSA has been using USDT for oil export settlements to bypass international sanctions. This is not media hype; it is indeed happening.

**Shift in Regulatory Attitudes**

The dual nature of a coin is gradually being recognized by global regulators—stablecoins are not only a store of value and payment tool for ordinary people but also a means for sanctioned entities to evade restrictions. As 2026 approaches, the standardization and compliance of stablecoins have become a focal point for all parties.

For investors, this means the need to be more vigilant about policy developments and assess whether their crypto assets face compliance risks. The intersection of geopolitics and financial technology will only become more complex.