Iran’s decision to name Bitcoin (BTC) among payment options for oil ships passing through the Strait of Hormuz underscores the cryptocurrency’s appeal as a neutral, censorship-resistant asset, Sam Lyman, head of research at the Bitcoin Policy Institute (BPI), told Cointelegraph.
Lyman said Iran selected BTC for tolls because “no one can freeze Bitcoin. No one can shut down the Bitcoin network,” calling the situation “one of the most significant” examples of Bitcoin as a strategic asset. Despite BTC being listed, Lyman noted there is “no onchain evidence” yet that any tolls have been paid in Bitcoin. Instead, most of Iran’s crypto activity is denominated in US dollar-pegged stablecoins, primarily Tether’s USDT.
The government accepts Chinese yuan, USDt, and BTC for tolls, but USDt remains the dominant medium. Iran has used digital-asset strategies since about 2018, and Lyman estimates the regime has shifted roughly $3 billion in cryptocurrencies since 2022, with the bulk in stablecoins. The U.S. Treasury has been able to freeze about $600 million, leaving approximately $2.4 billion moved despite sanctions — a key reason stablecoins continue to be favored by Iranian actors.
Iran persists with stablecoins even though issuers can freeze wallets, an ability demonstrated in past actions. Lyman summarized the regime’s approach as “rolling the dice” by relying on stablecoins despite that risk.
Transactions carried out by the Iranian Revolutionary Guard Corps account for nearly half of Iran’s total crypto market volume, according to BPI analysis.
Lyman also argued the Iranian move highlights why U.S. policymakers should recognize Bitcoin as a strategic asset rather than adopting a hostile regulatory stance or dismissing digital currencies outright.
Cointelegraph is committed to independent, transparent journalism. This article follows Cointelegraph’s Editorial Policy; readers are encouraged to verify information independently. Read the Editorial Policy at https://cointelegraph.com/editorial-policy