#密码资产动态追踪 Stablecoin's "two-faced" role has now become a focal point worldwide.

On January 12th, the turmoil in Venezuela and Iran once again thrust stablecoins into the spotlight. The experiences of these two countries perfectly illustrate whether USDT and other stablecoins are "lifelines for the people" or "regulatory nightmares."

The situation in Iran is particularly awkward. The rial continues to depreciate, international sanctions are intensifying layer by layer, and stablecoins have become the only means for ordinary people to fight inflation. But a turning point came— in 2025, the largest exchange was hacked, Tether frequently froze addresses, and last September, the government issued a strict order limiting individuals to hold a maximum of $10,000 and a purchase limit of $5,000 per year. With this combination of measures, the promotion of stablecoins has basically stalled.

Even more astonishing, according to TRM Labs, the Iranian Islamic Revolutionary Guard Corps has been playing the "agent game" since 2023—using front companies in the UK to smuggle over $1 billion in assets via stablecoins, with the clear goal of bypassing sanctions.

In contrast, Venezuela's penetration of stablecoins is entirely different. After the local currency, the bolívar, collapsed completely, USDT almost became the standard for daily transactions. The state oil company PDVSA is even more extreme—since 2020, 80% of oil revenue settlements have been made using stablecoins.

This contradictory identity makes stablecoins both a financial lifeline for ordinary people and a "hot potato" for regulators. By 2026, this topic will only become more intense, as the global tug-of-war between regulation and markets centers around stablecoins.