Iran eyes stablecoins for Hormuz tolls, not Bitcoin

Iran has demanded cryptocurrency payments from tankers transiting the Strait of Hormuz. Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, named Bitcoin as a potential payment option for vessels. A blockchain intelligence firm, Chainalysis, assessed that Iran will more likely collect fees in dollar‑pegged stablecoins.

Chainalysis noted stablecoins preserve value because they are pegged to the U.S. dollar, while Bitcoin’s price swings expose holdings to short‑term losses between payment and conversion. The Chainalysis report read: “The regime has leveraged stablecoins because their backing by the US dollar guarantees preservation of value and provides the liquidity necessary for use at scale.” The report contrasted stablecoins’ commerce use with Bitcoin’s more frequent use in cybercriminal operations tied to Iranian actors.

On‑chain estimates in the report show wallet addresses associated with the Islamic Revolutionary Guard Corps received more than $2 billion in 2024, and on‑chain inflows climbed above $3 billion in 2025. Chainalysis described these figures as lower‑bound estimates because they include only addresses identified through U.S. Treasury (OFAC) designations and Israel’s seizure lists; intermediary wallets and shell companies are not fully accounted for.

The Strait of Hormuz handled about 20 million barrels of oil per day before any closure, roughly one‑fifth of global seaborne oil trade. At $1 per barrel on some shipments, tolls could generate tens of millions of dollars a day. Chainalysis said stablecoins can provide the liquidity and throughput needed for high‑volume commercial payments more readily than Bitcoin.

Chainalysis also highlighted a vulnerability: many dollar‑pegged tokens are issued by centralized entities that can freeze assets in specified addresses when required by regulators or law enforcement. The firm identified that capability as a potential intervention point if a stablecoin toll program is implemented.

Collecting tolls in crypto would require conversion into usable funds or direct spending in markets that accept tokens. Transfers into sanctioned networks could prompt enforcement actions. Iranian officials have not provided details on how payments would be enforced, how operators would comply with legal requirements, or how conversions would occur.

If Iran proceeds with a stablecoin‑based toll system, shipping companies, token issuers and international regulators are expected to monitor how the arrangement is implemented and how enforcement and compliance issues are handled.