TLDR:

• The IRGC collected Hormuz transit tolls in USDT via Tron, settling payments in seconds outside U.S. banking systems.
  
• Chainalysis reported the IRGC moved $3 billion through cryptocurrency in 2025, with over 50% of Iranian crypto activity linked to it.
  
• TRM Labs traced $1 billion in IRGC flows through Zedcex and Zedxion, both later designated by OFAC on January 30, 2026.
  
• Iran’s Central Bank held $507 million in USDT per Elliptic, while its Defence Ministry accepted crypto for arms exports in January 2026.

USDT, the dollar-pegged stablecoin, has become central to a documented IRGC financial operation. The token settles transactions on the Tron blockchain in under three seconds.

It bypasses American banking infrastructure entirely and cannot be frozen by the Federal Reserve. Bloomberg reported on April 1 that the Islamic Revolutionary Guard Corps collects tolls from tankers transiting the Strait of Hormuz. Payments are accepted in Chinese yuan or stablecoins, including USDT.

IRGC Toll Collection at Hormuz Runs on Crypto Rails

According to Bloomberg, tanker operators contact an IRGC-linked intermediary to begin the process. The operator submits vessel ownership, flag, cargo, crew list, and destination for review.

Hormozgan Provincial Command screens submissions using a one-to-five friendliness ranking toward the U.S. and Israel. If cleared, the operator negotiates a toll starting at one dollar per barrel.

Rates can reach up to two million dollars per supertanker, depending on the agreement reached. Payment settles either in Chinese yuan through CIPS or in USDT through the Tron blockchain.

Once payment is confirmed, a VHF passcode is issued to the vessel. An IRGC patrol boat then escorts the tanker safely through the Larak corridor.

Analyst Shanaka Anslem Perera posted on X that the toll system is “live and collecting revenue tonight.” He described the setup as the first conflict in history where an enemy’s currency funds both sides.

In January 2026, Iran’s Ministry of Defence also began accepting cryptocurrency for arms exports. Drones, missiles, and defense equipment were all settled on the same blockchain rails.

The toll system did not require new technology to operate at the Strait of Hormuz. It applied existing stablecoin infrastructure that was already running at global industrial scale.

The Central Bank of Iran had accumulated $507 million in USDT, according to Elliptic. That reserve was already in place well before the current conflict escalated further.

Blockchain Analytics Firms Documented Billions in IRGC Crypto Flows

Chainalysis reported that the IRGC moved $3 billion through cryptocurrency in 2025 alone. IRGC-linked wallet addresses accounted for over 50 percent of all Iranian crypto activity by Q4 2025.

TRM Labs traced approximately $1 billion in IRGC flows through two UK-registered exchanges. Those exchanges, Zedcex and Zedxion, conducted transactions almost entirely in USDT on Tron.

TRM described the operation as “a sanctioned military organization operating exchange-branded crypto infrastructure offshore.” The firm further called it “infrastructure-level control” over offshore stablecoin exchange activity.

The U.S. Office of Foreign Assets Control designated both exchanges on January 30, 2026. Twenty-nine days after those designations, military strikes on Iran began.

The U.S. Treasury issues bonds to fund its own war effort against Iran. Those bonds finance aircraft carriers, interceptors, and the 2,400 sorties flown over Iran in five weeks.

Meanwhile, USDT — a token bearing “USD” on its face — funds toll payments on the opposing side. Both instruments denominate in dollars yet operate on entirely separate financial rails.

One rail runs through the Federal Reserve; the other through a British Virgin Islands-registered blockchain. Both systems settle in seconds and reference the same dollar.

The IRGC captures revenue from dollar-denominated tolls without needing access to American financial systems. Neither party controls how the other side uses the dollar’s name in this ongoing conflict.