Iranians Turn to Stablecoins Amid Economic Turmoil as Rial Plunges

Iran's economic crisis has deepened with annual inflation hitting 42.2% in December, while food prices and healthcare costs soared to 72% and 50% respectively. The deteriorating conditions have sparked widespread protests across Tehran and other major cities, with shopkeepers NEAR the Grand Bazaar joining demonstrations.

Videos circulating online show growing public anger against the government, despite officials disputing the authenticity of some footage. President Masoud Pezeshkian has acknowledged the unrest, calling for swift action to address what he terms 'legitimate economic concerns.' Meanwhile, Parliament Speaker Mohammed Bagher Qalibaf has accused foreign adversaries of exploiting the situation.

As security forces deploy tear gas in some areas, Iranians are increasingly adopting cryptocurrencies—particularly stablecoins—to preserve their purchasing power. Blockchain analysts note a surge in crypto usage as the rial continues its downward spiral.