⚠️Iran is demanding crypto payments for Strait of Hormuz transit:

Iran is collecting a toll of $1 per barrel of oil from tankers passing through the Strait, and is requiring payments in cryptocurrency to avoid sanctions tracing and asset seizure, according to the WSJ.

Iran's crypto economy has grown to ~$7.8 billion according to Chainalysis, driven by sanctions, currency devaluation, and the need to settle cross-border trades outside the traditional financial system.

The Islamic Revolutionary Guard Corps and its proxies now represent over 50% of the country's crypto activity.

Iran's central bank has also acquired at least $507 million in Tether, the world's largest stablecoin, to prop up its domestic currency and settle international trade, according to Elliptic.

Notably, in the hours after the initial US-Israeli strikes, outflows from Nobitex, Iran's largest crypto exchange with over 11 million users, surged +700% as citizens rushed to protect their savings from potential internet blackouts and asset freezes.

Crypto is becoming the financial infrastructure of sanctioned economies.

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