Iran treats BTC as strategic, but USDT still dominates its oil tolls: BPI

The Iranian government chose Bitcoin as a payment method for oil tolls due to its confiscation-resistant properties, according to a BPI research note. But in practice, dollar-pegged stablecoins — primarily Tether's USDT — have handled the vast majority of oil-related settlements. The report frames this as a paradox: BTC is held as a strategic reserve, while USDT serves as the transactional rail. BPI argues this split reveals that sanction-targeted states still prefer dollar exposure for commerce, even when they reject the dollar politically. The analysis landed the same week Hormuz disruptions refocused attention on Iran's crypto posture.