Iran is shifting its strategy for collecting tolls from tankers passing through the Strait of Hormuz, with a focus on cryptocurrency payments. While initially considering Bitcoin (BTC), recent reports suggest that Iran's Islamic Revolutionary Guard Corps (IRGC) will prefer stablecoins, particularly dollar-pegged tokens, due to their stability and ability to preserve value amid Iran’s economic challenges. Chainalysis emphasizes that stablecoins are better suited for large-scale, commercial transactions because they mitigate the volatility risks associated with Bitcoin, especially given Iran's currency devaluation.
The IRGC has a history of utilizing stablecoins for various illicit activities such as oil sales, weapons procurement, and proxy financing, with over $2 billion in crypto holdings in 2024, rising to more than $3 billion in 2025. In contrast, Bitcoin is primarily linked to Iranian cyber operations like ransomware campaigns, indicating different functional uses within Iran's crypto ecosystem. The reliance on stablecoins underscores Iran's need for reliable, USD-pegged assets to facilitate substantial financial transactions amidst ongoing economic sanctions and currency instability.