Markets April 2, 2026

De-dollarization: Iran Charges $2M in Yuan and Crypto at Hormuz

Cargo ships and tankers in the Strait of Hormuz in February

De-dollarization has gone operational at the world’s most critical oil chokepoint. Iran’s Islamic Revolutionary Guard Corps is charging ships up to $2 million per voyage to transit the Strait of Hormuz, with payments settled in Chinese yuan or stablecoins. The baseline fee starts at $1 per barrel for oil tankers, meaning a fully loaded supertanker carrying 2 million barrels hits the full charge. Between March 1 and 25, only 142 vessels transited the strait compared to 2,652 in the same period in 2025, a collapse of roughly 95%, according to Lloyd’s List Intelligence.

Also Read: De-Dollarization: US Pays China in Gold as Treasury Hits Record Buyback

95% of Hormuz Traffic Vanished and What Replaced the Dollar Is Working

Chart showing Strait of Hormuz oil transits collapsing from late February through March 2026 – Source: Bloomberg

The Toll System Now Controlling Hormuz Oil Traffic

Ships seeking passage must submit ownership details, cargo manifests, crew lists, and AIS transponder data to IRGC-linked intermediaries. The IRGC Navy screens each vessel for links to the US, Israel, or other nations considered hostile. If cleared, toll negotiations begin using a one-to-five friendliness ranking for nations. Once payment in yuan or stablecoins is confirmed, a permit code is issued and an armed naval escort meets the ship near Larak Island.

Chart showing weekly average two-way vessel transits through Hormuz recovering slightly in late March, still a fraction of pre-war levels – Source: Bloomberg

Lloyd’s List Intelligence tracked 26 ships using this corridor since mid-March. Tiemer Raanan, a maritime risk analyst, stated:

“This is very unprecedented. This is not how things were moving prior to the war, and it’s a really disturbing development in terms of Iran exerting control over traffic through the strait.”

How the Iran War Pushed Crypto and Yuan Into the Oil Trade

The yuan oil trade running through Hormuz is backed by infrastructure that has been quietly expanding for years. China’s Cross-Border Interbank Payment System (CIPS) recorded a daily average of $134 billion in transaction volume in March, its highest ever, up from an $85 to $105 billion range over the prior year.

China's CIPS daily transaction volume hitting a record $134B in March 2026, a key piece of the yuan oil trade infrastructure — Chart showing China’s CIPS daily transaction volume hitting a record $134B in March 2026, a key piece of the yuan oil trade infrastructure – Source: Atlantic Council

Iran war crypto usage reached $7.8 billion on-chain in 2025 according to Chainalysis, with stablecoins increasingly handling settlement in the energy trade. Project mBridge, the cross-border CBDC platform backed by China and Gulf central banks, has processed over 4,000 transactions worth $55.49 billion, with China’s digital yuan making up 95.3% of volume.

Table showing mBridge scaling rapidly, part of the de-dollarization payment infrastructure backing Iran war crypto and yuan settlements – Source: Atlantic Council

Jason Chuah, professor of commercial and maritime law at City University London, said:

“The Iranian justification is that this is an exercise of their rights to self-defense, and therefore they need to check the vessels. And in checking these vessels you need to pay a fee. Now from the perspective of most international law commentators, this is not legal.”

Also Read: Global De-Dollarization Surges as Russia Shifts Oil Trade Away From USD

De-dollarization Getting Written Into Permanent Iranian Law

Iranian lawmaker Mohammadreza Rezaei Kouchi told Fars and Tasnim news agencies:

“Parliament is pursuing a plan to formally codify Iran’s sovereignty, control and oversight over the Strait of Hormuz, while also creating a source of revenue through the collection of fees.”

A blockade ends with a ceasefire, while a domestic law does not. De-dollarization at Hormuz is no longer a financial experiment. The Strait of Hormuz oil corridor that once moved a fifth of global crude is now operating on Chinese currency and crypto, and Iran is also moving to make that arrangement permanent through statute.