Iran has introduced a novel payment system for shipping companies seeking passage through the Strait of Hormuz by permitting the use of cryptocurrencies. According to an official from the Iranian Oil, Gas, and Petrochemical Products Exporters Union, the country now accepts Bitcoin for these transit fees. Previously, only stablecoins were reportedly accepted for such payments. The transit charges are calculated per barrel, with the largest tankers able to carry up to two million barrels at a time.
How crypto payments are reshaping maritime transit
The Strait of Hormuz stands out as a critical shipping route on the global stage, especially for the transport of oil and natural gas. By embracing both Bitcoin and stablecoins pegged to the US dollar for transit payments, Iran is showcasing its rapidly evolving cryptocurrency infrastructure. In recent years, crypto has grown increasingly integrated into Iran’s foreign trade and energy sector transactions, reflecting shifting strategies under international pressure.
Data from blockchain analysis firm Chainalysis highlights the role of Iran’s Islamic Revolutionary Guard Corps (IRGC) in encouraging the use of cryptocurrencies for trade. Continued US sanctions have made it difficult for Iran to access global banking channels, prompting the country to turn to digital assets as a viable alternative for cross-border payments and commerce.
Andrew Fierman, Head of National Security Analytics at Chainalysis, notes that Iran’s acceptance of Bitcoin for maritime transit fees confirms a broader trend. He points out that the Iranian regime has, for years, employed crypto wallets on a commercial scale in its international dealings. Contrary to common perception, their operations involve not just a few wallets but an extensive and sophisticated network.
“Accepting payments in crypto can be more practical than relying on traditional banking systems, as transactions are processed directly between wallets with available liquidity,” Fierman stated.
The role of crypto in evading sanctions
A review of developments over the past eighteen months shows Iran extensively leveraging cryptocurrencies to circumvent sanctions. One prominent case in December 2024 involved a financier linked to the IRGC — already on the US sanctions list — orchestrating the sale of Iranian oil to Yemen using crypto assets. Throughout the year, these transactions facilitated the transfer of approximately $178 million.
Further scrutiny in April 2025 brought to light that crypto addresses used for purchasing weapons and goods from Russia by the Iran-backed Houthi movement were added to official sanction lists. Estimates suggest that close to $1 billion passed through these channels within a twelve-month span, underlining the scale and pace of crypto-facilitated payments for sanctioned groups.
Iran’s involvement with the Houthis, who maintain de facto control over northern Yemen, has strategic implications for maritime routes. The Houthis have discussed establishing a secondary passage via the Bab-el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden, expanding Iran’s influence over regional waterways alongside the Strait of Hormuz.
“Many Iranian partners prefer transacting in US dollar-linked assets rather than the rial or toman. In a country where hyperinflation is common, such payment options make international trade more accessible,” experts observe.
The widespread use of the toman in daily transactions, despite the rial’s status as the official currency, underscores a persistent need for access to more stable foreign exchange. Notably, one toman equals ten rials, adding a layer of complexity to everyday financial operations and cross-border payments.
Tom Keatinge, Director of the Centre for Finance and Security at the UK-based think tank RUSI, emphasizes the rising preference for stablecoins pegged to the US dollar among Iranian entities seeking to bypass Western sanctions. These digital assets offer both liquidity and a familiar unit of value in international dealings.
“The expanded use of stablecoins carries regulatory risks from the West, but current developments indicate that the threat of intervention remains limited,” Keatinge comments.
