Iran Collects Up to $2M Per Vessel, Accepts USDT

Iran is charging vessels transiting the Strait of Hormuz as much as $1.5 million to $2 million each, directing the proceeds into the national treasury, and has accepted some payments in the stablecoin USDT, officials and industry trackers report. The U.S. Office of Foreign Assets Control has issued warnings that firms processing such payments could face sanctions risk.

Mohsen Zanganeh, a member of Iran’s parliament budget and planning committee, confirmed that some tolls have been settled in USDT as well as cash and barter. He stated funds collected were deposited to the treasury under Iran’s budget law and allocated to specified spending areas.

The charges have been levied amid heightened regional tensions and tighter Iranian controls over passage through the Strait of Hormuz, a narrow waterway linking the Persian Gulf and the Gulf of Oman that handles about a quarter of the world’s seaborne crude. U.S. Central Command has escorted roughly 70 commercial vessels through the route in recent weeks.

Officials tracking the program estimate revenue per vessel at roughly $1.5 million to $2 million. They add that, if a toll regime continued after current hostilities end, Iran could receive sums equivalent to fees from about 100 vessels passing the strait.

Blockchain analysts have identified on-chain traces tied to the payments, including transfers involving USDT and bitcoin. One analytics firm described the situation as “the first known instance of a nation-state demanding cryptocurrency as payment for transit through an international waterway.” U.S. authorities are monitoring the digital-asset flows associated with the operations.

OFAC has warned maritime companies that engaging with Iranian entities linked to the country’s financial sector, including those that facilitate digital-asset transactions, could expose firms to secondary sanctions. The agency’s guidance advises enhanced due diligence on payment flows and cautions that certain activities may be treated as “operating in or supporting the sanctioned Iranian financial sector.”

Maritime and shipping firms face practical and legal challenges if stablecoin settlements grow more common. Many correspondent banks decline transactions tied to sanctioned jurisdictions, creating incentives to use digital assets where traditional banking is unavailable. At the same time, compliance teams must weigh the operational convenience of crypto settlements against the sanctions exposure flagged by U.S. regulators.