Iran's IRGC May Prefer Stablecoins Over Bitcoin for Hormuz Tolls

Iran's Islamic Revolutionary Guard Corps (IRGC) has been making headlines with its demand for cryptocurrency payments from tankers transiting the Strait of Hormuz. While Bitcoin (BTC) was specifically mentioned as a possible payment method, blockchain analysts at Chainalysis suggest that stablecoins may be the actual choice.

The IRGC's preference for dollar-pegged tokens is not new. In fact, they have historically relied on stablecoins across various illicit activities such as oil sales and weapons procurement. This is because stablecoins offer a guarantee of value preservation and liquidity, which are essential for large-scale commercial revenue.

According to Chainalysis, the IRGC's existing crypto operations reinforce this prediction. The firm estimated that IRGC-associated wallet addresses received over $2 billion in 2024 and above $3 billion in 2025, representing roughly half of Iran's total crypto ecosystem by the fourth quarter. These numbers are considered lower-bound estimates.

Stablecoins offer the throughput and liquidity required for such a scale of operations. However, they also carry risks for Tehran, as stablecoin issuers can freeze assets held in designated wallets.