Shipping companies paying crypto tolls to pass through the Strait of Hormuz could face significant sanctions exposure.
According to Chainalysis, such payments could leave maritime operators exposed to enforcement action, fines and reputational damage, as Iran remains subject to broad US and international sanctions.
The Islamic Revolutionary Guard Corps, or IRGC, is reportedly extracting fees starting at US$1 per barrel of oil from vessels seeking safe passage.
These payments reportedly involve IRGC-linked intermediaries, with fees negotiated in yuan, stablecoins or other digital currencies.
Chainalysis noted that transacting with sanctioned entities typically requires specific approval or a licence from the relevant authorities.
Sanctions exposure and digital asset use
While some reports have specifically referenced bitcoin, Chainalysis suggested that stablecoins may be more likely to be used if such a system is implemented at scale.
The firm linked this to Iran’s historical use of stablecoins for liquidity and price stability in illicit trade.
It also estimated that IRGC-linked activity accounted for about 50% of Iran’s total crypto ecosystem in the fourth quarter of 2025.
Blockchain transparency can help regulators and compliance teams trace fund flows in near real time.
Chainalysis added that identifying entities that have interacted with sanctioned wallets is becoming increasingly important for exchanges, financial institutions and shipping companies monitoring exposure to IRGC-linked activity.
Maintaining visibility into these flows is likely to remain important as the situation develops.
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