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Iran is collecting crypto payments from oil tankers passing through the Strait of Hormuz — accepting Bitcoin and stablecoins at up to $2 million per vessel. But one major crypto asset is completely absent from this story. $XRP, despite being purpose-built for fast, cheap cross-border payments, has not been mentioned once.
Here is the honest reason why.
What Is Actually Happening at Hormuz Right Now
Since mid-March 2026, Iran’s Islamic Revolutionary Guard Corps has been operating what is effectively a toll booth at one of the world’s most critical shipping chokepoints. The IRGC charges ship operators up to $2 million per vessel to transit the strait, accepting payment in either Chinese yuan, routed through Kunlun Bank via CIPS, Bitcoin, or possibly $USDT.
Under this system, oil tankers must email their cargo details to Iranian authorities. Iran then charges about $1 per barrel and tells the crew to pay the exact amount in Bitcoin within seconds to get permission to pass.
Iran made this rule official through the Strait of Hormuz Management Plan, approved on March 30–31, 2026. This is the first time a country has used crypto to collect fees at a major global shipping route.
The numbers are huge. The system could bring in up to $20 million per day from oil tankers alone, and as much as $600–$800 million per month if gas shipments are included.
Why Bitcoin and Stablecoin?
Iran did not choose Bitcoin because it is the best payment technology, but because no one can freeze or block it. With decades of sanctions cutting off access to global finance, Bitcoin works as a neutral payment rail.
It doesn’t need approval, has no central issuer, and cannot be seized mid-transfer, making it ideal for cross-border trade when traditional systems are blocked.
Meanwhile, stablecoins like Tether solve a different problem: price stability. They help Iran avoid volatility while moving large amounts of money.
But they come with a major weakness, control. But they can be frozen. Tether has blocked over $3.3 billion in wallets to date, including IRGC-linked funds, and in March 2026 alone froze $6.7 million tied to IRGC and Houthis-linked networks.
This is precisely why Bitcoin, despite its volatility, keeps coming up. You can freeze $USDT. You cannot freeze Bitcoin.
So, Why Not $XRP?
This is the core question — and the answer is not flattering for $XRP as a currency, even though it is entirely logical.
$XRP is built around trust and regulation. Ripple works with licensed banks, regulated systems, and verified financial partners. Its network is designed for compliant cross-border payments between institutions in regions like Japan, South Korea, the U.S., and Europe.
But that same design becomes a problem for Iran.
For $XRP to work in this case, Iran would need a financial institution willing to process transactions despite heavy sanctions. That’s highly unlikely.
No regulated Ripple partner will risk handling payments linked to sanctioned entities, and validators under strict jurisdictions won’t process such transactions either.
In short, $XRP works best within the global banking system, not outside it.
Related: Santiment Data Shows $XRP Bearishness Hits 3rd Highest Level in 2 Years