The Iranian government's recent move to accept cryptocurrency payments from cargo ships passing through the Strait of Hormuz is not unexpected, given its history of using digital currencies to facilitate international trade. Experts in blockchain-based crime note that this development aligns with Tehran's existing trade networks designed to evade sanctions. Iran's Oil, Gas and Petrochemical Products Exporters' Union has confirmed that bitcoin is being accepted as a payment method for ships traversing the Strait, with fees set at $1 per barrel of oil. This formalization of cryptocurrency-based toll payments appears to be a bold move, but it follows the Iranian regime's, particularly the Islamic Revolutionary Guard Corps (IRGC), growing use of cryptocurrency to facilitate cross-border trade over the past few years.
According to Andrew Fierman, head of national security intelligence at Chainalysis, this includes significant Iranian oil sales. Chainalysis data shows a complex and expanding network of crypto wallets involved in sanctioned activities, including over $178 million in transfers related to Iranian oil sales to Yemen in 2024. Additionally, in 2025, a network of Houthi financiers purchased weapons and commodities from Russia using cryptocurrency, amounting to nearly a billion dollars in activity.
The use of cryptocurrency, especially stablecoins, allows the IRGC to facilitate cross-border trade more easily than through traditional banking systems, given the comprehensive sanctions against Iran. Experts like Tom Keatinge and Lee Reiners agree that USD-pegged stablecoins are crucial for the Iranian regime, enabling global trade while avoiding traditional banking and sanctions. Iran's strategic use of cryptocurrency underscores its efforts to maintain economic activity despite international sanctions.