The Iranian government's acceptance of cryptocurrency payments from cargo ships traversing the Strait of Hormuz is a strategic move that aligns with its existing trade networks designed to evade sanctions. This development was confirmed by a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, who stated that bitcoin is being used as a payment method. Previous reports indicated that stablecoins were also being accepted to facilitate the safe passage of select oil tankers, with a fee of $1 per barrel of oil, which can amount to significant revenue given that the largest tankers carry up to two million barrels.
The formalization of a cryptocurrency-based system for shipping toll payments appears to be a bold move, yet it is consistent with the Iranian regime's, particularly the Islamic Revolutionary Guard Corps' (IRGC), increasing use of cryptocurrency to facilitate cross-border trade over the past few years, as per data from blockchain analytics firm Chainalysis. Andrew Fierman, Head of National Security Intelligence at Chainalysis, noted that it is unsurprising for such trade to occur via cryptocurrency, given the nature of the transactions. A review of sanctioned activities over the last year and a half reveals a growing and complex network utilizing crypto wallets.
In December 2024, a U.S.-sanctioned IRGC-affiliated financier linked to the Iran-backed Houthi regime facilitated Iranian oil sales to Yemen using cryptocurrency, resulting in transfers exceeding $178 million. Later, in April 2025, a broader network of Houthi financiers purchased weapons and commodities from Russia, with their cryptocurrency addresses included in a sanctions designation that accounted for nearly a billion dollars in activity. The Houthis, an Iran-backed armed group controlling much of northern Yemen, have also proposed imposing a second chokepoint on the world's oil and gas shipping trade at the Bab-al-Mandeb channel.
According to Fierman, the picture that emerges is one of IRGC-affiliated networks leveraging crypto at a commercial scale to facilitate cross-border trade. This system is more complex and established than the use of a few wallets, with the regime utilizing a network of cryptocurrency wallets to facilitate this activity. Accepting payments in crypto makes it easier than using the traditional banking system, and with sufficient liquidity, they do not need to rely on cryptocurrency exchanges.
The IRGC's broad adoption of cryptocurrency, especially stablecoins, as a payment mechanism for cross-border trade contrasts with North Korea's goal of stealing and laundering billions of dollars in crypto. The Iranian regime, comprehensively sanctioned since 1979, faces challenges in accessing U.S.
dollar-pegged assets due to individual sanctions on almost every bank. Tom Keatinge, Founding Director of the Centre for Finance and Security at UK defence think tank RUSI, agreed that USD-backed stablecoins have become a crucial payment mechanism for the Iranian regime, allowing it to avoid sanctions and Western banking controls.
Lee Reiners, a lecturing fellow at Duke University's Financial Economics Center, suggested that Iran could further its sanctions-evading goals by demanding payment in specific stablecoins, potentially creating a novel geopolitical dynamic.