Iran’s Islamic Revolutionary Guard Corps (IRGC) is extracting tolls from commercial vessels transiting the Strait of Hormuz, requiring operators to pay using stablecoins or Chinese yuan. According to a Bloomberg report, the IRGC has established an illicit toll system for the critical maritime chokepoint, granting safe passage and naval escorts to ships from deemed friendly nations while threatening those from hostile states. Stablecoin Tolls and Clearance Protocols Ship operators seeking to navigate the strait must contact an intermediary company linked to the IRGC. Operators are required to submit extensive documentation, including vessel ownership, flag registration, cargo manifests, destinations, crew lists, …