Hormuz is paid in crypto: Iran accepts stablecoins to allow tankers to pass
The Iranian Revolutionary Guards (IRGC) have turned the Strait of Hormuz into a toll checkpoint: those who want to transit must present complete documentation, pass a nationality check, and pay in Chinese yuan or stablecoins before receiving an access code and naval escort.
Bloomberg reconstructs for the first time the operational details of the system and confirms what Lloyd's List Intelligence had anticipated on March 24. The mechanism works like this: the operator contacts an intermediary company linked to the IRGC and transmits the IMO number, crew list, cargo manifest, destination, and AIS data of the ship. The file ends up at the IRGC Naval Command of Hormozgan, which conducts cross-checks to exclude any links to Israel, the United States, or other countries considered enemies. Iran applies a ranking system from 1 to 5 for each country: the more 'friendly' the flag country is, the better the negotiation terms.
For tankers, the starting price is about one dollar per barrel. A Very Large Crude Carrier (VLCC), typically capable of carrying 2 million barrels, would therefore negotiate around 2 million dollars for a single passage. At least two ships have already paid amounts in that range, according to Al Jazeera and Lloyd's List. In addition, the Iranian parliament's National Security Committee has approved a formal bill to institutionalize the system, as reported by the semi-official Fars agency. Once the toll is paid, the ship receives a code valid for a single transit: at the checkpoint between the islands of Qeshm and Larak, the request is transmitted via VHF radio and taken over by an IRGC patrol boat.
Risk of sanctions and international legality
Paying the IRGC is not a legally neutral choice. The IRGC is designated as a Foreign Terrorist Organization by the USA and is subject to sanctions from the USA, EU, and UK. Lawyer Manny Levitt of Holland & Knight, cited by Lloyd's List, explains that paying the toll may not fall under the exemptions of the OFAC general license issued on March 20, 2026, which authorizes the delivery of already loaded Iranian oil. Worse still, that license does not cover European and British sanctions, nor does it exempt liability under US laws against terrorist financing.
The payment in yuan or stablecoins is not accidental: both channels bypass the traditional Western banking system, reducing exposure to the SWIFT messaging system and American enforcement mechanisms. Indeed, stablecoins are cryptocurrencies tethered to the dollar or other stable currencies and operate on blockchains that elude conventional banking restrictions.
From an international law perspective, Iran's position is fragile. UNCLOS (United Nations Convention on the Law of the Sea) guarantees the right of innocent passage through international straits even in times of war. Jason Chuah, a maritime law professor at City University London, acknowledges that Tehran frames the system as an exercise of self-defense, but he describes it as 'illegal' according to almost all international commentators. Iran itself has written to the IMO (International Maritime Organization) specifying that ships from 'non-hostile' states can transit safely, a formulation that implicitly admits the restriction for all others.
The system only holds if threats remain credible
Basil Germond, an international security lecturer at Lancaster University, highlights the structural contradiction of the mechanism: 'For this approach to work, Tehran must maintain the ability to credibly threaten commercial shipping in the Strait. To be credible, it must occasionally attack tankers.' On March 31, a Kuwaiti tanker was struck by at least one drone near Dubai, causing a fire and damage to the hull. Another projectile hit a ship in Qatari waters on April 1.
Commercial transits through the Strait have increased slightly in the last week, according to AIS data processed by Bloomberg, but remain a fraction of pre-war levels. About 3,000 ships are still waiting for clearance, compared to around 120 that passed daily under normal conditions, according to S&P Global Market Intelligence.
Trump said on Tuesday he wanted to end the conflict in two or three weeks but then corrected himself on Wednesday: a ceasefire will only be possible if the Strait is reopened.