Although Bitcoin has been designated by Iran for the payment of transit fees for the Hormuz Oil Tanker, actual settlement is still primarily in stablecoins.

BlockBeats News, April 19th, according to Cointelegraph, Iran has specified Bitcoin for the payment of the oil transit fee for the Strait of Hormuz, but sources familiar with the matter say that the majority of the funds are still settled through stablecoins.

BlockBeats previously reported that on April 8th, according to the Financial Times, Iran will during a two-week ceasefire period, require shipping companies to pay the oil tanker transit fee through the Strait of Hormuz in cryptocurrency (Bitcoin) to maintain control of the waterway. Hamid Hosseini, a spokesman for the Iran Oil, Gas, and Petrochemical Products Exporters' Union, stated that each oil tanker must report its cargo information to the Iranian authorities via email, after which Iran will inform them of the amount of the transit fee to be paid, which must be paid in cryptocurrency. "Once the email arrives and Iran completes the assessment, the ship will have a few seconds to pay in Bitcoin, ensuring that it cannot be traced or confiscated due to sanctions."