According to a report by CryptoComLearn, Iran's Islamic Revolutionary Guard Corps (IRGC) has officially implemented a toll system for oil tankers transiting the Strait of Hormuz, charging up to $2 million per vessel and accepting payment in Chinese yuan, stablecoins (USDT and USDC), as well as Bitcoin (BTC). This marks a transformative shift in the financial and geopolitical landscape of the world's most critical oil chokepoint.
Background: Strait Closure and Ceasefire After U.S.-Israel Strikes
Following joint airstrikes by the United States and Israel on Iran in late February 2026, the IRGC effectively closed the Strait of Hormuz to most commercial traffic. According to S&P Global, tanker transits plummeted by 97%. The waterway normally carries about 20% of global oil and liquefied natural gas trade. In late March 2026, President Donald Trump brokered a two-week ceasefire, during which Iran reopened the strait under a controlled system. Access is limited to vessels from nations Iran designates as non-hostile, including China, India, and select Gulf states, while Western-linked operators remain largely blocked.
Toll Collection Process: Secret Codes and IRGC Escort
Ship operators seeking clearance must contact an IRGC-linked intermediary, submitting ownership records, cargo details, crew information, and AIS tracking data. The IRGC's Hormozgan Provincial Command vets each vessel against a one-to-five nation friendliness ranking, screening for ties to the United States or Israel. Approved operators then negotiate fees. For Very Large Crude Carriers (VLCCs) carrying 2 million barrels, the cost is approximately $2 million per transit (roughly $1 per barrel), with rates varying based on cargo type and flag state relations with Tehran. Once payment clears, the IRGC issues a one-time secret permit code and route instructions, directing ships along a path closer to the Iranian coast, often north of Larak Island. The vessel broadcasts the code on VHF radio and receives an IRGC patrol boat escort. Some operators have reflagged ships under Pakistani registration to qualify.
Payment Methods: Crypto and Yuan Accelerate De-Dollarization
The Financial Times (FT) reported in April 2026 that Iran specifically demands cryptocurrency tolls for laden oil tankers during the ceasefire phase, accepting not only stablecoins (USDT/USDC) but also Bitcoin (BTC). Bloomberg reported on April 1 that at least two vessels had paid in yuan. The payment system completely bypasses the dollar-based financial system and U.S. sanctions. Iran's National Security Committee approved a bill in early April 2026 to codify the fee structure into law. Officials frame the tolls as legitimate compensation for security services provided by Iran as the strait's coastal state, drawing comparisons to the Suez Canal and Denmark's historical Sound Dues. Legal scholars note that the arrangement may conflict with customary international law on innocent passage under the United Nations Convention on the Law of the Sea (UNCLOS), but Iran is not a party to UNCLOS. Tehran frames the controls as a wartime self-defense measure.
Potential Revenue and International Repercussions
Estimates suggest that if traffic eventually returns to pre-war levels, Iran could generate between $70 billion and $80 billion annually from the toll system. However, transits remain far below normal. Gulf states including Saudi Arabia and the United Arab Emirates are accelerating discussions on alternative pipeline capacity to reduce dependency on the strait. Insurance premiums for tankers operating in the region have surged, adding further costs. The IRGC has also attacked at least one non-compliant Kuwaiti tanker as a deterrent. The ceasefire remains short-term, and Iran's toll demands are conditions of that truce. The system's future depends on the broader conflict between the United States, Israel, and Iran in the weeks ahead.