Iran has set up what amounts to a formal toll system in the Strait of Hormuz, accepting Chinese yuan and cryptocurrencies – particularly stablecoins linked to fiat currencies – as payment for naval escort in the waterway, according to a Bloomberg report published April 1.
The system, administered by an intermediary linked to the Islamic Revolutionary Guard Corps, assigns each nation a usability ranking of one to five and requires ship operators to submit documents for geopolitical verification before receiving a VHF-broadcast passcode and an IRGC navy escort. At least two ships have already paid in yuan, with tanker rates apparently set at $1 a barrel.
A draft proposal to allow Iran to charge transit fees across the Strait of Hormuz has been prepared and will be sent to Parliament’s research center next week for legal review, an Iranian lawmaker said on Thursday.
Mohammadreza Rezaei Kouchi said he prepared the project jointly with…
– Iran International English (@IranIntl_En) March 26, 2026
We suspect that this represents something structurally distinct from the informal enforcement of the blockade that characterized Iran’s previous position in Hormuz: parliamentary approval of a draft law on transit fees – reported by the semi-official Fars news agency, quoting lawmaker Mohammadreza Rezaei Kouchi, who said that “we ensure its security, and it is natural that ships and tankers pay such fees” – suggests that Iran is institutionalizing crypto and yuan settlement as a sustainable mechanism to extract revenue from a sanctions-constrained choke point, not improvise under the battlefield. pressure.
DISCOVER: Coin Supercycle: Top Performers This Week
Crypto Tolls in Hormuz and Iran: How the Payment Mechanism Would Work
According to the Bloomberg report, ship operators seeking transit authorization to Hormuz must submit vessel ownership records, flag registration, cargo manifests, destination ports, crew lists and AIS tracking data to an intermediary linked to the IRGC.
The IRGC Navy’s Hormozgan Provincial Command then conducts sanctions screening and geopolitical screening, checking for ownership or cargo ties to the United States, Israel, or countries classified as adversaries under Iran’s classification system. Permission, once granted, arrives in the form of a password broadcast by VHF radio, followed by a naval escort across the strait.
The monetary structure is deliberate. The yuan settles entirely outside of the SWIFT-dependent dollar clearing system, while stablecoins – if denominated in USDT or USDC – technically refer to the dollar value but are transferred on blockchain rails that bypass correspondent banks.
Bloomberg reported that at least two ships made payments denominated in yuan, with tankers being the priority cargo class. The opening rate of $1 per barrel for tanker negotiations implies that a single very large crude carrier carrying 2 million barrels could generate a toll of $2 million – a rapidly changing figure for the roughly 20% of globally traded oil and gas that normally passes through the strait.
We believe that the preference for stablecoins, rather than Bitcoin or Ethereum, is operationally rational: stablecoins eliminate price volatility between invoice and settlement, making them functionally equivalent to dollar wire transfers for the recipient while remaining nominally outside of the dollar clearing system.
This is precisely the architecture that OFAC attempted to shut down by putting pressure on stablecoin issuers – and this is precisely why the Hormuz Toll Mechanism, if it evolves, creates direct pressure on Tether and Circle.
EXPLORE: Crypto Breakout Alerts This Week
following
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. Hailing from crypto since 2017, Daniel leverages his experience in on-chain analytics to write evidence-based reports and in-depth guides. He holds certifications from the Blockchain Council and is dedicated to providing “insight gain” that overcomes market hype to find real utility for blockchain.
