Chainalysis still believes Iran is using stablecoins and not Bitcoin for toll payments
Chainalysis believes that Iran prefers stablecoins for toll levies rather than Bitcoin as media such as Bloomberg and Financial Times have reported that Iran’s Islamic Revolutionary Guard Corps (IRGC) was already extracting transit tolls from vessels in the Strait of Hormuz, with ship operators negotiating fees that typically start around $1 per barrel of oil, payable in yuan or stablecoins via an IRGC-linked intermediary and permit system while the Financial Times report noted that in crypto such as Bitcoin.
Chainalysis firm noted that Iran and its government is heavily reliance on stablecoins as are its allies in the region. Chainalysis believes that the IRGC crypto footprint accounts for approximately 50% off Iran’s total crypto ecosystem in Q4 OF 2025.
The analysis notes that these shipping companies who do make payment could face significant sanctions exposure and is a precedent that could be replicated by other nation states when it comes to payment for transit in international waterways.
Based on Chainalysis extensive analysis of the Iranian regime’s on-chain behavior, They suspect that stablecoins will ultimately be the preferred instrument for toll collection at scale, should this program materialize.
BTC has primarily been used by Iranian cyber actors to extort ransomware victims and support malicious cyber operations, a fundamentally different use case from the high-volume, commerce-oriented flows that would characterize Hormuz transit fees. They add, ” The IRGC’s documented on-chain activity, spanning oil sales, weapons procurement, and proxy financing, has overwhelmingly relied on stablecoins as the medium of exchange.”
Iran’s crypto ecosystem in 2025 was $7.8 billion.
However the analysis notes that blockchain’s inherent transparency makes it possible for regulators and compliance teams to trace the flow of funds in near-real time. This can allow for the identification of entities that have interacted with sanctioned wallets, either directly or via intermediaries. Stablecoin issuers can technically freeze assets held in wallets identified as controlled by or linked to the IRGC or other designated entities.
Law enforcement agencies can leverage blockchain intelligence to trace toll payments back through the IRGC’s laundering infrastructure, potentially identifying new nodes in the network and cash-out points.
Regulatory bodies should continue to publicly identify and verify IRGC wallets, expanding the known perimeter of the regime’s on-chain activity.
Finally the firm believes that compliance teams at exchanges, financial institutions, and shipping companies should be monitoring for exposure to Iranian services and IRGC-affiliated wallets, particularly as this new toll mechanism could introduce novel flows into the mainstream crypto ecosystem.
Iran has not confirmed crypto payments and has stated it is requesting payments be made in Iranian currency. Iranian officials have proposed requiring payment in Iranian rial to enhance “economic sovereignty,” report show that yuan or digital assets, often routed through the Bank of Kunlun. An Iranian lawmaker says the plan to pay in Iranian Rial aims to strengthen the rial, will generate up to $15B per year
