#密码资产动态追踪 The "dual" role of stablecoins has now become a focal point worldwide.

On January 12, the turmoil in Venezuela and Iran once again brought stablecoins to the forefront. The experiences of these two countries perfectly illustrate whether stablecoins, represented by USDT, are "a lifeline for the people" or a "regulatory nightmare."

The situation in Iran is particularly awkward. The rial continues to depreciate, international sanctions are intensifying, 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 periodically froze addresses, and last September, the government issued a strict order limiting individuals to hold no more than $10,000 and purchase no more than $5,000 annually. 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 "proxy 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, completely collapsed, USDT has almost become 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.