Fidelity: Iran accepts Bitcoin for oil tolls as gold demand rises

Fidelity Digital Investments released its report “Six Key Trends Shaping Digital Assets in 2026,” noting Iran’s acceptance of Bitcoin for oil shipping tolls and rising central bank gold purchases as indicators of reduced reliance on dollar-based systems. The firm described the developments as evidence of increased use of alternative settlement mechanisms and changing reserve preferences.

In April 2026 Iran announced it would accept Bitcoin, US dollar-pegged stablecoins and the Chinese yuan to pay oil shipping tolls for vessels transiting the Strait of Hormuz. Fidelity’s report highlights that decision as an example of payment arrangements outside traditional dollar channels.

Iran had earlier explored a Bitcoin-payable maritime insurance model in May 2025, with state-run outlets describing plans for marine insurance policies and certificates of financial responsibility to be settled “at the speed of blockchain.”

Later in April 2026 US authorities froze about $344 million in stablecoins linked to Iran’s government and the Islamic Revolutionary Guard Corps. The report noted that such enforcement illustrates the potential for fiat-pegged tokens to be seized by authorities, while some market participants continue to use dollar-pegged stablecoins for trade.

Sam Lyman, head of research at the Bitcoin Policy Institute, observed that Tether’s USDt remains widely used for oil shipping fees despite regulatory risks. He described the token’s prevalence in trade settlements even after the enforcement action.

Fidelity’s report also documents strong central bank demand for gold and finds that gold has overtaken US dollar assets in global central bank reserves. The firm noted central banks continued to buy gold after the metal’s price fell roughly 20% from a January peak near $5,600 per ounce.

The report stated, “Gold’s performance and continued central bank demand are broadly aligned with our initial thesis, while the anticipated follow-on outperformance from bitcoin has yet to materialize.”

Fidelity described two parallel trends in its analysis: governments and commercial actors testing crypto and stablecoin payments for specific trade flows, and central banks increasing gold allocations. The firm wrote that both trends affect how countries manage external payments and the composition of official reserves.