• Iran’s IRGC began charging ships up to $2 million per tanker to transit the Strait of Hormuz as of April 2026. The Financial Times reports Iran is accepting stablecoins.
• Iran’s National Security Committee approved a bill formalizing yuan and stablecoin tolls, accelerating dollar bypass in energy trade.
• The ceasefire brokered by President Trump remains fragile, and Western-linked vessels are still largely excluded from approved passage.

The toll system emerged in the weeks following the late February 2026 strikes by the United States and Israel on Iran. As the conflict tightened, the IRGC effectively closed the strait to most commercial traffic, sending tanker transits down by 97%, according to S&P Global data. The closure hit a waterway that normally carries roughly 20% of global oil and liquefied natural gas trade.

Iran began reopening the strait under a controlled system during a ceasefire announced by President Donald Trump. Access is limited to vessels from nations Iran designates as non-hostile, including China, India, and select Gulf states. Western-linked operators remain largely blocked.

Ship operators seeking clearance contact an IRGC-linked intermediary and submit ownership records, cargo details, crew information, and AIS tracking data. The IRGC’s Hormozgan Provincial Command vets each vessel against a one-through-five nation friendliness ranking, screening for ties to the United States or Israel.

Approved operators then negotiate fees. Oil tankers pay roughly $1 per barrel of cargo, which puts the cost for a Very Large Crude Carrier carrying 2 million barrels at approximately $2 million per transit. Rates vary based on cargo type and the flag state’s relationship with Tehran.

Payment is accepted in Chinese yuan or dollar-pegged stablecoins such as USDT and USDC, bypassing the dollar-based financial system and U.S. sanctions. Bloomberg reported April 1 that at least two vessels had paid in yuan by that date. Earlier accounts also noted cash and barter arrangements.

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 an IRGC patrol boat escorts it through. Some operators have reflagged ships under Pakistani registration to qualify.

Iran’s National Security Committee approved a bill in early April 2026 to codify the fee structure into law. Officials framed 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 have noted the arrangement may conflict with customary international law on innocent passage, principles that parallel the United Nations Convention on the Law of the Sea. Iran is not a party to UNCLOS. Tehran frames the controls as a wartime self-defense measure.

The Financial Times (FT) reported on Wednesday that Iran is specifically demanding cryptocurrency tolls for laden oil tankers during the ceasefire phase. Earlier FT reporting in late March detailed government-to-government negotiations conducted through embassies and the use of VHF passcodes for approved vessels.

One estimate cited in reporting put Iran’s potential annual revenue from the toll system between $70 billion and $80 billion. That figure assumes traffic eventually returns near pre-war levels, which has not occurred. Transits remain far below normal.

Gulf states, including Saudi Arabia and the United Arab Emirates (UAE) have discussed accelerating alternative pipeline capacity to reduce strait dependency. Insurance premiums for tankers operating in the region have climbed, adding further costs for operators willing to participate.

The IRGC attacked at least one non-compliant vessel, a Kuwaiti tanker, in what observers read as a signal to operators weighing the transit fee against the risk of refusal.

The ceasefire remains short-term, and Iran’s toll demands are conditions of that truce. The system’s scope will depend on how the broader conflict between the United States, Israel, and Iran develops in the weeks ahead.

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