The Iranian government's acceptance of cryptocurrency payments from cargo ships is a calculated move, fitting into its larger strategy of evading sanctions through trade networks. A spokesperson for the Oil, Gas and Petrochemical Products Exporters' Union recently confirmed that bitcoin is being accepted as a payment method, with previous reports suggesting stablecoins are also being used, allowing select oil tankers to pass through the Strait of Hormuz unharmed. The fee is $1 per barrel of oil, with the largest tankers carrying up to two million barrels. This development is not surprising, given the Iranian regime's increased use of cryptocurrency for cross-border trade over the past few years, particularly for oil sales, as indicated by data from blockchain analytics firm Chainalysis.

According to Andrew Fierman, head of national security intelligence at Chainalysis, 'it's highly unsurprising that this type of trade would be happening via cryptocurrency as well.' The use of cryptocurrency addresses has been linked to sanctioned activity, including a U.S.-sanctioned IRGC-affiliated financier who facilitated Iranian oil sales to Yemen, resulting in over $178 million in transfers in one year. The IRGC-affiliated networks have also been purchasing weapons and commodities from Russia, with cryptocurrency addresses included in sanctions designations accounting for nearly a billion dollars in activity. The adoption of cryptocurrency, specifically stablecoins, as a payment mechanism for cross-border trade is a strategic move by the IRGC, allowing them to facilitate trade globally without relying on the traditional banking system. Tom Keatinge, founding director of the Centre for Finance and Security, agrees that USD-backed stablecoins have become an important payment mechanism for the Iranian regime, avoiding sanctions and western banking controls.

Lee Reiners, a lecturing fellow at Duke University's Financial Economics Center, suggests that Iran could further its sanctions-skirting stablecoin goals by demanding payment in USD1, a stablecoin launched by World Liberty Financial.