Iran Calls Bitcoin a Strategic Asset; USDT Dominates Tolls

Iran’s government added Bitcoin as an accepted payment option for ships paying tolls while crossing the Strait of Hormuz and classified the cryptocurrency as a strategic asset. Authorities continue to accept Chinese yuan and US dollar-pegged stablecoins for the tolls.

The change is part of a government digital-asset strategy officials trace back to 2018. The tolls apply to vessels transiting the Strait of Hormuz, a major global oil chokepoint in the Persian Gulf.

Sam Lyman, head of research at the Bitcoin Policy Institute, described Iran’s choice as based on Bitcoin’s resistance to censorship. “This is one of the most significant situations where Bitcoin is very clearly a strategic asset. The reason why Iran wants to use Bitcoin for these transactions is that no one can freeze Bitcoin. No one can shut down the Bitcoin network,” he said. He added there is “no onchain evidence” so far of any toll payments on the Bitcoin blockchain.

In practice, Iranian actors continue to rely mainly on US dollar stablecoins. Lyman estimated that most cryptocurrency transactions in Iran are denominated in stablecoins, with USDT the most commonly used.

Lyman’s figures indicate transactions tied to the Islamic Revolutionary Guard Corps account for nearly half of the country’s crypto market volume. He estimated Iranian entities have moved about $3 billion in cryptocurrencies since 2022, of which roughly $600 million was frozen by U.S. authorities, leaving an estimated $2.4 billion transferred onward.

Stablecoins can be frozen by issuers or blocked by regulators, a risk Iranian authorities appear willing to accept for day-to-day payments. Lyman characterized the use of stablecoins as a practical choice given the amount successfully moved despite some freezes.

For now, USDT and other dollar-pegged stablecoins continue to handle the bulk of crypto-based toll payments, and there is no public blockchain record showing Bitcoin has been used to pay the tolls.