Although Iran has designated Bitcoin as the toll for the Hormuz oil tanker, actual settlements still primarily use stablecoins.

Mars Finance reports that, according to Cointelegraph, Iran has designated Bitcoin for paying the oil transit fees through the Strait of Hormuz, but informed sources say that the majority of funds are still settled using stablecoins. Hamid Hosseini, spokesperson for Iran’s Oil, Natural Gas, and Petrochemical Products Exporters’ Union, stated that each oil tanker must report its cargo information to Iranian authorities via email, after which Iran will inform the amount of transit fee to be paid, and it must be paid in cryptocurrency. “Once the email is received and Iran completes the assessment, the ship will have a few seconds to pay with Bitcoin, ensuring it cannot be tracked or confiscated due to sanctions.”