The geopolitical situation in Iran and the blockade of the Strait of Hormuz have brought crypto to the spotlight as an alternative payment method, enabling transactions otherwise impossible to execute.

Recent reports confirmed Iran is currently receiving an average of $1.5 to $2 million per vessel passing through the Strait of Hormuz, a chokepoint concentrating up to 25% of the world’s crude traffic. These numbers would be consistent with earlier payment structures disclosed, and the crude transporting capabilities of some Very Large Crude Carriers (VLLCs)

While some of these payments have been settled in cash or barter, Mohsen Zanganeh, a member of the parliament’s budget and planning committee, stressed that others have also been settled using USDT, the largest stablecoin by market capitalization.

The funds from these operations were deposited into the treasury in compliance with the budget law and spent in designated areas.

Despite the ongoing blockade, the U.S. Central Command (CENTCOM) has reportedly guided at least 70 commercial ships through Hormuz during the last few weeks. Nonetheless, if Iran manages to maintain its toll booth policies after the conflict ends, it would pocket the equivalent of 100 vessels passing through the Strait.

At the time, the use of digital assets in this case was regarded as “a significant milestone” by Chainalysis, stating it would be “the first known instance of a nation-state demanding cryptocurrency as payment for transit through an international waterway.”

Nonetheless, the use of digital assets, including USDT and BTC, is still under U.S. surveillance. The U.S. Office of Foreign Assets Control (OFAC) has warned that maritime firms could face secondary sanctions if integrating with Iranian blocked entities “for operating in or supporting the sanctioned Iranian financial sector.”

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