Strait of Hormuz · Iran · U.S. Central Command · Bitcoin.com News
$2 Million Per Vessel: Inside Iran’s Massive USDT Toll Operation in the Strait of Hormuz
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Reports indicate that some of the payments could have been made in stablecoins, particularly Tether’s USDT, the largest stablecoin by market capitalization.
Key facts
- Recent reports confirmed Iran is currently receiving an average of $1.5 to $2 million per vessel passing through the Strait of Hormuz, a chokepoint concentrating up to 25% of the world’s crude traffic
- Despite the ongoing blockade, the U.S. Central Command (CENTCOM) has reportedly guided at least 70 commercial ships through Hormuz during the last few weeks
- Nonetheless, the use of digital assets, including USDT and BTC, is still under U.S. surveillance
- Reports indicate that some of the payments could have been made in stablecoins, particularly Tether’s USDT, the largest stablecoin by market capitalization
Summary
Iran collects $2M per vessel at the Strait of Hormuz, using 100% of these funds for its treasury. Some of these payments are settled not in barter or cash, but in USDT. The U.S. OFAC has warned maritime firms about the sanctions risk of interacting with Iranian digital assets. The geopolitical situation in Iran and the blockade of the Strait of Hormuz have brought crypto to the spotlight as an alternative payment method, enabling transactions otherwise impossible to execute.