Iran's IRGC imposes tolls at the Strait of Hormuz payable in stablecoins or yuan; Bitcoin underperforms gold as a wartime hedge

Iran’s IRGC has established a formal toll system at the Strait of Hormuz that requires payments in stablecoins or Chinese yuan for naval escort, according to a Bloomberg report. Despite crypto’s expanding role in wartime finance, Bitcoin has underperformed gold as a hedge since the conflict began on February 28.

How the Hormuz toll system works

Bloomberg reported on April 1 that the IRGC has formalized control over the world’s most important oil chokepoint into a structured payment gateway. Ship operators seeking transit must provide vessel ownership records, flag registration, cargo manifests, crew lists, and AIS tracking data to an IRGC-linked intermediary.

The IRGC then assigns each vessel a ranking on a five-tier “friendliness” scale, which determines access and escort terms. After payment is received, a single-use passcode is broadcast over VHF radio, and an Iranian naval escort guides the ship through the strait.

Stablecoin and yuan payments, and the toll levels

Iran is demanding payment in stablecoins rather than Bitcoin to avoid price volatility between invoice and settlement. The stablecoin approach is described as functionally equivalent to dollar wire transfers while remaining outside the US dollar clearing system.

Oil tankers start at around $1 per barrel, while very large crude carriers can pay up to $2 million per transit. At least 15 to 18 ships have transited under this system in recent weeks.

Iran’s crypto infrastructure and policy backdrop

The Hormuz toll system is presented as a visible extension of a longer-running strategy. Iran legalized Bitcoin mining in 2019, when it was estimated to contribute 4% to 5% of global Bitcoin hash rate. Chainalysis estimated Iranian-linked on-chain crypto activity reached $7.8 billion in 2025, with stablecoins playing a central role.

In January 2026, Iran’s Ministry of Defense Export Center updated its systems to accept crypto for military export contracts, including stablecoin payments for drone, missile, and other military exports.

Iran’s parliamentary National Security Committee approved a “Strait of Hormuz Management Plan” on March 31. While the plan references Iranian rials as currency, it operates in practice using yuan and stablecoins to bypass OFAC enforcement.

Bitcoin vs. gold as a wartime hedge

Bitcoin has not behaved like a defensive hedge since the conflict began on February 28. Bitcoin is ranked 12 by market cap, with dominance at 59%, which the article frames as consolidation rather than flight-to-safety demand. Gold, by contrast, has retained more safe-haven capital.

As reported by crypto.news, Bitcoin has dropped roughly 12% since the war began, while gold has held safer-haven flows despite its own volatility. The Coinbase Premium Index has remained negative throughout the conflict, indicating US spot demand has not emerged in the same way as gold demand.

The article also notes that each confirmed escalation event has coincided with immediate Bitcoin selling rather than buying, which it says is the opposite of what a war hedge would typically deliver.

Market view

“Bitcoin still trades more like a high-beta risk asset than a defensive hedge in the current climate,” an Orbit Markets analyst told Bloomberg this month.