Iran’s government now accepts Bitcoin, Chinese yuan, and U.S. dollar stablecoins for oil ship tolls in the Strait of Hormuz. According to Sam Lyman of the Bitcoin Policy Institute, this decision underscores Bitcoin’s role as a neutral, strategic asset due to its censorship resistance. The government has moved billions in cryptocurrency since 2022, primarily in stablecoins, despite the risk of asset freezes by issuers like Tether.
Iran has named Bitcoin as an official payment method for tolls on oil vessels transiting the strategic Strait of Hormuz. The government is also accepting Chinese yuan and U.S. dollar-pegged stablecoins for these transactions.
According to Sam Lyman, head of research at the Bitcoin Policy Institute (BPI), this move highlights Bitcoin’s strategic importance. Lyman stated “This is one of the most significant situations where Bitcoin is very clearly a strategic asset.”
He explained that Bitcoin was selected for its censorship-resistant qualities. “The reason why Iran wants to use Bitcoin for these transactions is that no one can freeze Bitcoin,” Lyman said.
However, there is no onchain evidence yet of a toll being paid in Bitcoin. Lyman noted the majority of Iran’s crypto transactions are still denominated in U.S. dollar stablecoins.
The Iranian government has utilized digital assets for several years. It has shifted approximately $3 billion in cryptocurrency since 2022, with stablecoins comprising the bulk of this activity.
The U.S. Treasury Department was able to freeze about $600 million of these assets. The regime still successfully moved the remaining $2.4 billion, making stablecoins a continued tool.
Lyman said the Iranian government understands stablecoin wallets can be frozen by issuers like Tether. He characterized their continued use as the government “rolling the dice.”
The announcement has prompted discussion on how U.S. lawmakers should view digital assets. Lyman argues this development shows why Bitcoin should be recognized as a strategic asset rather than facing hostile regulation.
