The narrow waterway between Iran and the Arabian Peninsula handles roughly a fifth of the world’s daily oil supply. Now, Iran is building a crypto-powered toll booth.
Iran is developing a Bitcoin and stablecoin-based financial framework within the Strait of Hormuz, according to local reports. The initiative includes a new maritime insurance platform called “Hormuz Safe” that accepts payments in Bitcoin and other crypto assets for coverage and safe-passage services.
The Islamic Revolutionary Guard Corps is reportedly at the center of this operation. The IRGC has been charging oil tankers a toll of approximately $1 per barrel for transit through the strait, with payments accepted in yuan or stablecoins through a coded system designed to obscure the transaction trail.
By the fourth quarter of 2025, the IRGC was estimated to represent about 50% of Iran’s entire crypto ecosystem, linking the guard corps’ crypto transactions directly to oil trades and other activities that international sanctions are designed to curtail.
The use of yuan alongside stablecoins signals a broader de-dollarization strategy, aligning Iran’s financial interests with China’s ambitions to expand yuan-denominated trade in energy markets.
Fraud has already emerged. Bad actors are exploiting the situation by demanding fake transit fees in Bitcoin and Tether, claiming to represent Iranian authorities.
For Tether, the implications are direct. USDT is the dominant stablecoin in sanctions-adjacent trade corridors. If Iranian oil tolls flows through USDT, Tether’s compliance posture becomes a geopolitical issue.