Millions of dollars at a time, but not accepting US dollars? Is the RMB quietly taking the lead? Recently, news about the Strait of Hormuz, the lifeline of global energy, may be reshaping international trade and financial order in a way we never expected.
“Blockade” without physical blockade. The Strait of Hormuz is one of the most important energy chokepoints in the world. In the past, its rules of passage were very simple: anyone could pass through, and it would operate according to international shipping rules. However, with the normalization of geopolitical conflicts, the spillover of the sanctions system, and the financialization of shipping risks, these long-standing rules are undergoing fundamental changes.
According to British shipping media reports, Iran has set up a “safe passage” in its territorial waters in the Strait of Hormuz. This waterway is close to Iran’s Larak Island, and the Islamic Revolutionary Guard Corps (IRGC) Navy will conduct identity verification of ships that pass the review here before releasing them and providing passage guarantees. The news also pointed out that the IRGC has established a preliminary ship registration mechanism internally to provide safe passage for “approved ships.”
According to various sources, this new operating model has three core characteristics: Pre-screening: Ships need to submit information such as ownership, flag country, cargo, and destination, and accept background checks. Price threshold: After passing strict review, relevant shipping parties may need to pay high passage fees at the level of millions of dollars. Changes in settlement methods: Passage fees are no longer accepted in US dollars. RMB or USDT based on the Tron network has become the newly approved settlement method. In essence, this is not a “blockade” in the traditional sense, but an upgrade of an international waterway into a “permit channel” with strict screening, high pricing, and specific settlement currency requirements.
De-dollarization is no longer just a narrative. Every million-dollar toll paid in RMB not only represents that this part of energy flow is bypassing the US dollar settlement system, but also represents a resounding bargaining chip in the global “de-dollarization” process. Against the backdrop of a still strong dollar and rising yields due to the Federal Reserve’s interest rate hikes, global central banks (especially China, Russia, and India) are quietly accumulating gold, waiting for the signal of “long-term de-dollarization transactions.”
This “new rule” in the Strait of Hormuz directly provides the RMB with a key, high-value, and mandatory international use scenario. Shipping companies that need to pass through the strait, whether willing or not, need to “absorb” RMB to meet the IRGC’s payment requirements. This means that the actual circulation and recognition of the RMB in international trade is being improved in a non-market-oriented way.
On top of this, there is an even more noteworthy detail. Some reports say that the Iranian side has released crude oil transport ships settled in RMB. It should be noted that in traditional energy trade, the settlement path is almost fixed: pricing is in US dollars, clearing goes through the banking system, and finally enters the financial cycle with the US dollar as the core. However, in the current environment, some transactions have begun to “shift” – they can be settled in RMB. The change this brings is not just “more payment methods”, but: energy transactions are beginning to have the ability to “operate away from the US dollar path”. Once this ability exists, it will create a chain reaction: whoever can be accepted as a means of payment can enter this trading system. In this sense, the RMB is more like passively entering the circulation link in specific scenarios. In other words, a passively occurring “currency penetration” is unfolding.
“Godsend” from the insurance industry. At the same time, the reaction of the international insurance industry has provided an unexpected structural endorsement for the IRGC’s “new rules.” The international insurance market, led by Lloyd’s of London, has begun to reassess the risk structure in the region. Market feedback shows that: ships that have not obtained “passage confirmation” → extremely high risk → difficult to insure; ships that have obtained confirmation → significantly reduced risk → can be insured.
This means that whether or not “being allowed to pass” is beginning to affect financial pricing. And insurance is essentially the “underlying credit switch” of global trade. Once the insurance system is adjusted, the following will occur: unqualified ships, even if they can physically pass, cannot complete commercial transactions; qualified ships, on the contrary, are more likely to obtain financial support. In other words, unexpectedly by governments, the international insurance market, through its actuarial model, indirectly recognized the IRGC’s actual control over the strait, making the IRGC’s permission a prerequisite for the smooth operation of commercial shipping, and completing a structural “legalization” process of financial power.
A new pattern under the flow of oil. The Strait of Hormuz is not closed. Oil is still flowing. But changes have already occurred at a deeper level: who can pass, what currency is used for settlement, and who defines the risk. When the answers to these core questions begin to diverge, a longer-term trend may be forming: not that the world is collectively abandoning the US dollar, but that more and more key trade and financial transactions are beginning to no longer have to use the US dollar. The Strait of Hormuz, this strategic passage carrying 30% of the world’s seaborne oil trade, is accelerating a global financial and geopolitical transformation in an unprecedented way.
*The content of this article is for reference only and does not constitute any investment advice. The market is risky, and investment needs to be cautious.
Hormuz Bypass: The Dollar’s Watershed Moment and Crypto’s Unexpected Catalyst
The Strait of Hormuz, the world’s most critical energy chokepoint handling 30% of seaborne oil trade, is experiencing a transformation that extends far beyond shipping lanes. Iran’s establishment of a “safe passage” system, with mandatory pre-screening, million-dollar tolls, and most significantly, RMB and Tron-based USDT settlement requirements, represents a paradigm shift in international finance. For crypto investors, this isn’t merely geopolitical noise—it’s the early tremors of a tectonic shift that could reshape market dynamics and create unexpected opportunities.
The De-Dollarization Accelerator: From Narrative to Reality
For years, de-dollarization has remained a compelling but largely theoretical narrative. The Hormuz developments provide concrete evidence that the dollar-centric global financial system is facing structural challenges. The mandatory acceptance of RMB and USDT for passage fees represents a forced adoption of alternative currencies in a high-value, critical trade corridor. This is not merely diversification—it’s an active bypassing of the dollar settlement system.
What makes this particularly significant for crypto markets is the explicit inclusion of USDT (Tron-based) as an approved settlement method. This represents the first major instance of a cryptocurrency being integrated into a critical international trade settlement system. While the dollar remains dominant, the normalization of stablecoins in real-world trade provides a powerful validation case that extends far beyond crypto-native use cases.
Token-Specific Implications
Tron (TRX) and USDT: The most immediate beneficiaries appear to be Tron’s ecosystem. The explicit mention of USDT (Tron-based) as an accepted settlement method could trigger:
- Increased demand for TRC-20 USDT, potentially creating upward pressure on TRX prices
- Enhanced legitimacy and utility for Tron’s stablecoin, differentiating it from Ethereum-based USDT
- Potential network congestion as real-world trade volumes flow through the Tron blockchain
Bitcoin (BTC): While not directly mentioned, Bitcoin stands to benefit from this development as:
- The geopolitical fragmentation strengthens Bitcoin’s “digital gold” narrative
- Institutional investors may accelerate BTC adoption as a hedge against dollar volatility and geopolitical risk
- The trend toward non-sovereign assets provides tailwinds for Bitcoin’s long-term value proposition
Stablecoins More Broadly: The Hormuz development could catalyze a shift in stablecoin dynamics:
- Increased regulatory scrutiny as stablecoins gain prominence in international trade
- Potential for more transparent, reserve-audited stablecoins to gain market share
- Possible emergence of new stablecoins specifically designed for international trade settlements
The Insurance Catalyst: Unexpected Structural Endorsement
The most overlooked aspect of this development is the international insurance industry’s response. Lloyd’s of London and other major insurers are now risk-assessing ships based on whether they possess IRGC “passage confirmation.” This creates a powerful financial incentive structure:
- Ships without confirmation face prohibitively high insurance costs, effectively excluding them from commercial operations
- Ships with confirmation gain access to standard insurance, enabling normal commercial activity
This represents a structural “legalization” of Iran’s control over the strait, mediated not by governments but by the market itself. For crypto markets, this demonstrates how financial infrastructure can adapt to—and even legitimize—alternative systems, providing a roadmap for crypto adoption in traditional finance.
Strategic Implications for Crypto Investors
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Geopolitical Risk as Alpha: The Hormuz developments underscore that geopolitical risk is no longer peripheral but central to market dynamics. Crypto investors should position portfolios to benefit from:
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Increased volatility driven by fragmentation of financial systems
- Strategic adoption of non-sovereign assets like Bitcoin
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Opportunities in markets seeking alternatives to dollar-dominated systems
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Stablecoin Diversification: The Tron-based USDT preference highlights that not all stablecoins are created equal. Investors should:
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Monitor real-world adoption patterns beyond trading volumes
- Evaluate stablecoins based on their integration into non-crypto ecosystems
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Consider the geopolitical implications of different blockchain networks
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Cross-Border Payment Solutions: This acceleration of de-dollarization creates fertile ground for crypto-based cross-border payment solutions:
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Projects facilitating trade settlement in multiple currencies
- Decentralized finance protocols offering non-sovereign financial infrastructure
- Hybrid models combining traditional finance rails with crypto settlement layers
Risks and Headwinds
Despite the opportunities, significant risks accompany this transformation:
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Regulatory Retaliation: The US and its allies may respond with increased regulatory pressure on crypto entities facilitating dollar bypass, particularly those involved in stablecoin markets.
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Geopolitical Instability: Heightened tensions in the Middle East could trigger broader market disruptions, creating volatility that may not discriminate between traditional and crypto assets.
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Counterparty Risk: As stablecoins gain prominence in real-world applications, scrutiny of their reserve practices and counterparty risks will intensify, potentially leading to crises of confidence.
Conclusion: A Watershed Moment with Unexpected Crypto Catalysts
The transformation of the Strait of Hormuz represents more than a geopolitical shift—it’s a test run for a multi-currency, multi-settlement world. For crypto investors, the most significant takeaway is that the path to mainstream adoption may not begin with retail speculation or institutional custody, but with real-world applications in critical trade corridors.
The inclusion of USDT in this system is a watershed moment for crypto markets. While the dollar’s dominance remains formidable, the normalization of alternative settlement methods creates unprecedented opportunities for crypto assets that can offer neutrality, efficiency, and censorship resistance in a fragmenting global financial system.
Investors should position to benefit from this structural shift while remaining vigilant about the geopolitical and regulatory risks that accompany it. The old financial order is not collapsing, but it is being challenged—and in this challenge, crypto markets may find their unexpected catalyst.