What is Iran doing with stablecoins in the Strait of Hormuz?

Iran has introduced a system where ships must pay transit fees in stablecoins or Chinese yuan to pass through the Strait of Hormuz. Fees start at about $1 per barrel and can reach $2 million per tanker. The system is managed by the IRGC and includes a ranking system for access.

Why is Iran using stablecoins instead of Bitcoin?

Stablecoins are preferred because they maintain a stable value, avoiding price volatility between payment and settlement. This makes them function more like digital dollars. They also allow Iran to bypass the US dollar financial system.

How significant is this development for crypto adoption?

This is a major real-world use case for stablecoins in global trade and geopolitics. It shows crypto being used for large-scale payments outside traditional banking systems. This could accelerate adoption in sanctioned or restricted markets.

How has Bitcoin performed during the Iran conflict?

Bitcoin has fallen about 12% since the conflict began. It has not attracted strong safe-haven demand. This contrasts with gold, which has held investor flows more effectively.

Is Bitcoin acting as a war hedge right now?

Current data suggests Bitcoin is not behaving like a traditional war hedge. Instead of rising during geopolitical stress, it has sold off. This indicates it is still trading like a risk asset.

Why is gold outperforming Bitcoin as a safe haven?

Gold has a long history as a store of value during crises. Investors trust it in uncertain times, while Bitcoin is still seen as more speculative. This explains why capital is flowing into gold instead of crypto.

How big is Iran’s crypto activity?

Iran-linked on-chain crypto activity reached about $7.8 billion in 2025. The country has been building crypto infrastructure for years, including legalising Bitcoin mining in 2019. Stablecoins now play a central role in its financial strategy.

What does this mean for stablecoins versus Bitcoin?

Stablecoins are proving useful for payments and settlements, especially in restricted financial environments. Bitcoin, meanwhile, is struggling to establish itself as a macro hedge. This highlights a growing divide in crypto use cases.

Iran stablecoin tolls rise as Bitcoin lags hedge

Written by Liezl GambePublished Apr. 8 2026Last Updated Apr. 8 2026

Iran has introduced a formal payment system at the Strait of Hormuz, requiring ships to pay transit fees in stablecoins or Chinese yuan for naval escort.

The system charges around $1 per barrel, rising to as much as $2 million per tanker, with access determined by a five-tier ranking system managed by Iran’s IRGC.

Stablecoins are being used due to their price stability and ability to bypass US dollar clearing systems, making them more practical than Bitcoin for real-time settlement.

The move highlights Iran’s expanding crypto infrastructure, with on-chain activity reaching $7.8 billion in 2025 and stablecoins increasingly used in trade and defence-related transactions.

Despite this adoption, Bitcoin has underperformed gold since the conflict began, falling around 12% while failing to attract safe-haven flows.

“Bitcoin still trades more like a high-beta risk asset than a defensive hedge in the current climate,”

An Orbit Markets analyst said.

The divergence underscores a growing split in crypto’s role, with stablecoins gaining traction in real-world payments while Bitcoin’s narrative as a geopolitical hedge remains unproven.

At the time of reporting, Bitcoin price was $71,834.50.