As the U.S. government tightens its sanctions net on Iran, offshore liquidity in the crypto market and stablecoin issuers are beginning to feel the direct pressure. With the addition of the international joint investigation, Operation Jackal IV, regulators appear to be sharply targeting non-institutional stablecoins and offshore funding channels.

Ultimately, these measures are highly likely to force the DeFi ecosystem to move one step further toward regulatory compliance. As the standing of assets operating outside the surveillance net shrinks, capital will naturally have no choice but to flee toward more transparent, secure, and regulation-friendly assets. While there is a risk of market volatility in the short term as offshore liquidity contracts, I suspect this is part of a long-term process where on-chain assets are being reorganized into more reliable forms. For the time being, we should keep a close watch on the regulatory responses coming from major offshore stablecoin issuers.