Iran's Crypto Demand May Favor Stablecoins Over Bitcoin

Iran's Oil, Gas and Petrochemical Products Exporters' Union recently announced its demand for cryptocurrency payments from tankers transiting the Strait of Hormuz.

The union specifically named Bitcoin (BTC) in a statement, but Chainalysis argues that stablecoins could be the preferred choice.

This is based on the Islamic Revolutionary Guard Corps' (IRGC) historical preference for dollar-pegged tokens in illicit trade. Stablecoins provide value preservation and liquidity necessary for large-scale commercial revenue.

Chainalysis notes that Bitcoin's regular volatility would expose toll proceeds to unpredictable losses between collection and conversion.