Iran’s Hormuz Toll: Stablecoins Over Bitcoin for Strait Transit Payments?

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Iran’s Hormuz Toll Could be In Stablecoins, Not <a href="https://bbg-news.com/btc-usd/">Bitcoin</a>

Iran is now asking ships passing through the Strait of Hormuz to pay using cryptocurrency. A representative from Iran’s oil and gas exporters’ union, Hamid Hosseini, mentioned Bitcoin as an accepted form of payment.

Chainalysis proposes that stablecoins might be the preferred method for moving funds, mirroring past financial activity by the Islamic Revolutionary Guard Corps (IRGC).

Stablecoins Fit Iran’s Playbook

Chainalysis believes stablecoins, rather than Bitcoin, are more likely to be used by Iran’s Revolutionary Guard Corps (IRGC) to collect funds. They base this on the regime’s history of favoring dollar-linked cryptocurrencies in illegal trading activities.

The logic is simple: stablecoins tied to the dollar hold their value better than Bitcoin. Because the Iranian rial has significantly decreased in value compared to the dollar, maintaining stable prices is crucial for businesses to generate significant income.

Because Bitcoin’s price often changes rapidly, accepting it for tolls could lead to unpredictable losses in value between the time payments are received and when they’re converted to usable funds.

According to the report, the government is using stablecoins because their value is tied to the US dollar, which keeps them stable and allows for widespread use. Unlike stablecoins, Bitcoin’s price frequently fluctuates.

Chainalysis has observed that the IRGC has often used stablecoins for things like selling oil, buying weapons, and funding groups it supports. Bitcoin, however, has played a different role in Iran’s cryptocurrency activities.

The report mainly connected these attacks to Iranian hackers who carry out ransomware attacks and other harmful online activities. This is very different from the typical use of such technology for things like collecting tolls or running businesses.

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Iran is now effectively charging a fee – paid in Bitcoin – to ships passing through the Strait of Hormuz. This amounts to roughly $1 per barrel of oil, totaling around $20 million per day, or about 280 Bitcoin. Essentially, Iran is creating a Bitcoin reserve by collecting these payments from other nations.

— Quinten | 048.eth (@QuintenFrancois) April 9, 2026

Billions Already on Chain

The large amount of cryptocurrency activity linked to the IRGC suggests they likely prefer using stablecoins. Chainalysis found that wallets connected to the IRGC received more than $2 billion in 2024.

By the end of 2025, this amount surpassed $3 billion, accounting for approximately half of all cryptocurrency activity in Iran.

These figures are conservative estimates, based only on addresses found in OFAC designations and Israel’s counter-terrorism financing seizure lists. The actual network of shell companies and related wallets is likely much bigger.

Prior to its closure, the Strait of Hormuz facilitated the transport of approximately 20 million barrels of oil daily – about 20% of all oil shipped by sea worldwide. Even collecting a small fee of $1 per barrel could result in billions of dollars in revenue each year. Stablecoins are well-suited to handle the high transaction volumes and financial needs at this level.

Chainalysis explained that these oil shipments could provide a critical source of income for the government, especially as it faces one of the biggest challenges in its history.

Stablecoins also pose risks for Iran. Unlike Bitcoin, the companies that issue stablecoins have the power to freeze funds in specific accounts. Chainalysis points out that this ability could be used by regulators or law enforcement if the proposed program tracking stablecoin transactions goes into effect.

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2026-04-11 14:31