Iran Adopts Bitcoin for Oil Ship Payments Amidst Stablecoin Dominance
- Iran’s government has named Bitcoin as a payment method for oil tolls in the Strait of Hormuz.
- The country also accepts payments in Chinese yuan and US dollar-pegged stablecoins.
- Transactions by the Iranian Revolutionary Guard Corps account for nearly half of Iran’s total crypto market volume.
- Since 2022, Iran has moved approximately $3 billion in cryptocurrencies, primarily using stablecoins.
- The US Treasury Department has only managed to freeze about $600 million of these assets.
The use of Bitcoin highlights its strategic importance due to its censorship-resistant features, making it appealing for international transactions despite regulatory challenges. The majority of crypto transactions in Iran are still conducted with USDT, underscoring the reliance on stablecoins despite their potential for wallet freezes.
Currently, while Iran is exploring Bitcoin for oil tolls, it remains heavily reliant on stablecoins, having successfully moved $2.4 billion despite significant asset freezes by US authorities. (Source)
