Articles
Neutral, dated analysis and explainers across Iran’s markets.
AnalysisThe Tether vs. Cash-Dollar Spread: A Signal That Matters More Than the Price Itself (Gap Near 39,000 Tomans, July 2026)
When the dollar hits records, a wave of retail buyers rushes into Tether. But professionals do not watch Tether's toman price. They read two spreads: Tether versus the free-market cash dollar, and the free dollar (around 190,000 tomans) versus the Exchange Center's "agreed" rate (near 150,900 tomans), a gap that reached about 39,000 tomans by Tuesday, 21 July 2026. This piece explains why the spread's direction and size matter more than the price.
AnalysisTether's Real Return After 83% Inflation: The Brutal 12-Month Math to July 2026
Over the twelve months to mid-July 2026, Tether roughly doubled Iranian holders' money (a nominal return near 117 to 121 percent). But after the central bank's 83 percent year-on-year inflation, its real gain shrank to about 18 percent. In the same window melted gold and the Emami coin returned more in real terms, while cash and bank deposits were heavy losers to inflation. A dated, brutal accounting.