Iran recently added Bitcoin to the list of accepted payment options for oil ships transiting the Strait of Hormuz, a move the Bitcoin Policy Institute’s head of research, Sam Lyman, says underscores Bitcoin’s appeal as a neutral, censorship‑resistant asset. Lyman noted that Bitcoin cannot be frozen or shut down, calling the designation one of the clearest examples of Bitcoin being treated as a strategic asset.
Despite being listed, there is no on‑chain evidence that any tolls have actually been paid in BTC. Instead, Iran’s crypto activity is overwhelmingly denominated in dollar‑pegged stablecoins, led by Tether’s USDT. The government accepts Chinese yuan, USDT, and BTC for tolls, but USDT remains the dominant medium.
Iran has used digital assets since around 2018; Lyman estimates the regime has shifted roughly $3 billion in crypto since 2022, the bulk in stablecoins. The U.S. Treasury has been able to freeze about $600 million of those funds, leaving roughly $2.4 billion moved despite sanctions—an important reason Iranian actors favor stablecoins.
That preference persists even though stablecoin issuers can—and have—frozen wallets, a risk Lyman describes as “rolling the dice.” BPI analysis also finds transactions by the Islamic Revolutionary Guard Corps account for nearly half of Iran’s crypto market volume.
Lyman argues this episode shows why U.S. policymakers should recognize Bitcoin’s strategic role instead of pursuing overtly hostile regulation or dismissing digital currencies. The reporting follows standard editorial practices; readers are encouraged to verify details independently.