Why is Iran accepting crypto at the Strait of Hormuz?

Iran's IRGC is operating a toll system at the Strait of Hormuz, charging up to $2 million per vessel in Chinese yuan, digital yuan, and stablecoins rather than US dollars. This represents a real-time experiment in non-dollar settlement at the world's most critical energy chokepoint.

Why are stablecoins not neutral money?

Stablecoins are tokenized dollar obligations with counterparty risk. USDC is issued by Circle, a US-regulated entity, and USDT reserves sit within the US banking system. Both issuers can freeze wallets at government request. Bitcoin has no issuer, no counterparty, and no freeze function, making it the only censorship-resistant digital bearer asset.

Have gold reserves surpassed US Treasuries?

Yes. For the first time since 1996, foreign central bank gold holdings (approximately $4 trillion) have surpassed foreign holdings of US Treasuries (approximately $3.9 trillion), driven by three consecutive years of 1,000-plus ton annual purchases and gold's roughly 70% price gain in 2025.

4/2/26 Roundup: The Settlement Layer Is the Battlefield

Brian Cubellis | Chief Strategy Officer

Apr 2, 2026

Today we are releasing The New Money Stack, our latest institutional research report mapping the ten layers of digital asset infrastructure reshaping global finance. From the base settlement network to the regulatory framework being built around it, the report covers who is building, who is allocating, and where value settles.

[Download The New Money Stack]

The timing is not coincidental. Five weeks into the Iran war, the global settlement architecture is being stress-tested in real time. Iran is charging tolls at the Strait of Hormuz in yuan and crypto. Turkey is liquidating gold reserves to meet dollar obligations. And gold has quietly surpassed US Treasuries as the world's largest foreign reserve asset for the first time in 30 years.

Below we unpack what the Hormuz toll system reveals about the limits of stablecoins, why Turkey's $8 billion gold fire sale exposes the friction in physical settlement, and what the sovereign rotation from Treasuries to gold means for bitcoin's role as the digital neutral reserve asset. Followed by our standard Chart, Quote, and Podcasts of the Week.

The Settlement Layer Is the Battlefield

President Trump addressed the nation Wednesday night and said the US will hit Iran "extremely hard" over the next two to three weeks. He framed Operation Epic Fury as nearing completion. But we have heard versions of this before.

The original estimate was three to four days. Then four to six weeks. We are now in the fifth week of the conflict, Israel has expanded a ground invasion into Lebanon, and Iran denies any negotiations are taking place.

The military story matters. The monetary story is the one that will define the next decade.

Hormuz as a monetary chokepoint

The Strait of Hormuz, through which roughly 20% of the world's oil and LNG normally passes, remains under de facto Iranian control. According to the IMO, some 2,000 vessels and 20,000 seafarers are stranded in the Persian Gulf. The P&I Clubs that insure 90% of the world's ocean-going tonnage have withdrawn war risk cover. Oil is above $100. Gas at the pump past $4.