Iran has taken a new step that allows cargo ships that want to pass through the Strait of Hormuz to pay with crypto money. According to the statement of an official from the Iranian Oil, Gas and Petrochemical Products Exporters Association, payment with Bitcoin is now accepted. It was previously reported that payments were made with stablecoins in this application. While the toll is determined per barrel, the largest tankers have the capacity to carry up to two million barrels.
How is Crypto Charging Used?
The Strait of Hormuz stands out as a critical route for oil and natural gas transportation on a global scale. The fact that Iran accepts payment with Bitcoin and stablecoins indexed to the US Dollar for this transition indicates the current state of the cryptocurrency infrastructure in the country. In recent years, the use of cryptocurrencies has become rapidly widespread in Iran, especially in the country’s foreign trade and oil sales.
According to data from blockchain analytics company Chainalysis, the Iranian Revolutionary Guard Corps (IRGC) has been encouraging cryptocurrency trading for a long time. Iran, especially under US sanctions, faces serious difficulties in accessing the traditional banking system. In such an environment, crypto assets have become an alternative tool for international payments.
Andrew Fierman, Head of National Security Analytics at Chainalysis, stated that crypto payments in the Strait of Hormuz are not surprising. According to Fierman, the Iranian regime has been using crypto wallets on a commercial scale in foreign trade for years, and contrary to popular belief, it is not a simple few wallets, but a very large and complex network.
“Accepting these payments with crypto may be more practical than the traditional banking system, and transactions can be made directly through wallets with the available liquidity,” he was quoted as saying.
The Role of Crypto in Sanctions Evasion
When sanctions activities in the last year and a half are examined, it is seen that Iran has widely used cryptocurrencies to overcome embargoes. For example, in December 2024, it was determined that a financier who was on the US sanctions list and linked to the Iranian Revolutionary Guards had organized the sale of oil to Yemen via cryptocurrency. In just one year, $178 million in transfers were made through this route.
In April 2025, it was noted that the crypto addresses used by the Houthis, supported by Iran, to purchase weapons and various products from Russia were included in the official sanctions lists. It was announced that approximately one billion dollars of transactions were made through these channels in a year.
While Iran supports the Houthi movement to control the large arena in North Yemen, the group in question also brought up the creation of a second sea crossing point in the Bab-el-Mandeb canal connecting the Red Sea and the Gulf of Aden.
“Many interlocutors in Iran want to transact with US Dollar-indexed assets, not Ryal or Toman. In a country where hyperinflation is frequently experienced, payments with such an asset make international trade more accessible,” it is reported.
The intense use of Toman in daily life and the fact that the official currency is the Rial stand out as an important reason for the search for foreign exchange liquidity. The value of the toman is equivalent to ten Rials.
Tom Keatinge, Director of the Center for Finance and Security at the UK-based think tank RUSI, also pointed out that stablecoins linked to the US Dollar have become an increasingly preferred payment instrument for the Iranian regime to bypass Western sanctions.
“Although the use of stablecoins brings the risk of Western regulatory intervention, current indicators show that this risk is low,” it was stated.
