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Iran’s government naming Bitcoin (BTC) as a payment method for oil ships crossing the Strait of Hormuz underscores the asset’s role as a “neutral, strategic” option, according to Sam Lyman, head of research at the Bitcoin Policy Institute (BPI).
Lyman said the government selected BTC because of its censorship-resistant qualities. He argued that the key advantage for Iran is that “no one can freeze Bitcoin” and “no one can shut down the Bitcoin network.”
Iran is accepting oil tolls in Chinese yuan, US dollar-pegged stablecoins and BTC. However, Lyman said there is “no onchain evidence” of a BTC toll payment so far. He added that the “majority” of Iran’s crypto transactions are denominated in US dollar stablecoins.
Transactions carried out by the Iranian Revolutionary Guard Corps account for nearly half of the total crypto market volume in Iran. Source: BPI
Lyman said Iran’s digital asset strategy dates back to around 2018 and that most transactions there are conducted using USDt, a dollar-pegged stablecoin issued by Tether.
He noted that Iran is using stablecoins even though issuers can freeze wallets. “I think they're rolling the dice,” Lyman said.
Lyman said the Iranian government has been able to shift about $3 billion in cryptocurrencies since 2022, with the “majority” of that value denominated in stablecoins.
He added that the US Treasury Department was only able to freeze about $600 million in assets. Lyman said this meant Iran could still move roughly $2.4 billion despite the freezes, which he cited as a reason stablecoins remain a “go-to” option.
Lyman said the announcement highlights why US lawmakers should recognize and treat Bitcoin as a strategic asset rather than adopting a hostile regulatory stance or dismissing digital assets altogether.
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