The use of stablecoins allows transactions to be tracked and fines to be applied to shipping companies.
Unlike bitcoin, stablecoins can be frozen remotely by their issuers.
The on-chain analysis firm Chainalysis warned on April 10, 2026 that shipping companies that comply with Iran’s proposal to pay tolls in cryptocurrencies in the Strait of Hormuz face risks of international sanctions. According to the report, the network’s transparency would allow regulators to identify counterparties, despite Tehran’s attempts to bypass the traditional financial system.
The plan, confirmed by official sources and reported by CriptoNoticias on April 8, contemplates the charging of one dollar per barrel of crude oil. Iran has requested that these funds be processed in bitcoin, stablecoins or yuan through intermediaries of the Islamic Revolutionary Guard Corps (IRGC), an entity under US sanctions.
Hamid Hosseini, spokesman for the Union of Iranian Petroleum Exporters, said: the system would allow quick payments to avoid tracking or confiscation.
Explaining the mechanism, Chainalysis points out that the procedure begins when the shipowners contact the Iranian authorities to register the data of the vessel and the cargo, as a prior step to negotiating the toll and receiving the permit code.
Vessels would have a few seconds to pay in bitcoin, ensuring that they cannot be tracked or confiscated due to sanctions.
Chainalysis.
In its report, the firm also recognizes that, unlike stablecoins such as Tether’s USDT or Circle’s USDC, bitcoin it cannot be technically frozen by any central issuer.
The only real way to interfere with a BTC transaction would be through direct coercion of the parties involved (in this case, the freighters or companies making the payment), but not through the decentralized network created by Satoshi Nakamoto.
On the other hand, payments in stablecoins can be frozen by their issuers if the wallets linked to the IRGC are identified. Therefore, Chainalysis considers that, despite the mention of bitcoin, Iran is more likely to use stablecoins for their stability and liquidity.
The vulnerability of stablecoins
Historically, the regime has used stablecoins because their backing by the US dollar ensures value preservation and provides the liquidity necessary for their large-scale use. The regime’s reliance on stablecoins has taken on greater strategic importance as the Iranian rial has plummeted and Iran’s economy remains in a state of crisis. Bitcoin, on the other hand, experiences constant price volatility. Because it has no issuer and therefore cannot be confiscated or frozen by a middleman, BTC has been primarily used by Iranian cybercriminals.
Chainalysis.
However, this Chainalysis analysis presents a logical contradiction from a sovereign security perspective. Although the firm prioritizes the price stability and liquidity of stablecoins, it leaves in the background the fact that These lack the guarantee of final settlement that bitcoin offers against sanctions.
While bitcoin volatility is a market risk manageable through hedging strategies, the use of stablecoins represents a systemic risk of outright confiscation.
For an actor under maximum financial siege, a volatile but unseizable asset is technically more viable than a stablecoin whose flow can be unilaterally interrupted by a private issuer.
However, there is no polarized public debate on this issue because the proposal is in the initial stage. The main controversy lies in the risk of sanctions. This means that shipping companies that make payments to sanctioned Iranian entities could violate United States laws and face fines or asset freezes.
Chainalysis highlighted that, while bitcoin offers greater technical protection against freezing, on-chain traceability continues to allow flows and counterparties to be identified.
Iran’s proposal remains in the declarative phase and its effective implementation has not yet been confirmed. Meanwhile, Chainalysis indicated that it will continue to monitor on-chain activity to detect any irregular flow.
This case highlights the complexity that states under sanctions face when trying to adopt cryptoassets, but also highlights the strategic advantages of the Bitcoin network.
By operating as a decentralized and global network, bitcoin offers a transaction purpose that does not depend on banking intermediaries or the approval of foreign governments, allowing the exchange of value uninterrupted.
This resistance to censorship and its apolitical nature They position it as a tool of financial sovereigntybecause, unlike fiat money or stablecoins, it cannot be arbitrarily disconnected by a central entity.