Iran Launches Bitcoin-Backed Shipping Insurance for Strait of Hormuz Transit!

Iran has unveiled "Hormuz Safe," a Bitcoin-backed insurance program designed for shipping companies navigating the Strait of Hormuz — one of the world's most strategically critical maritime chokepoints. The Iranian government projects the scheme could generate more than $10 billion in revenue, marking one of the most significant state-level deployments of Bitcoin as a financial instrument to date.

The move is notable on multiple fronts. By denominating insurance coverage in BTC rather than dollars or euros, Iran sidesteps the Western-dominated correspondent banking system that has largely locked it out of global trade finance since sanctions were intensified. For shipping operators, the program offers a sanctioned-state alternative for coverage on a route that handles roughly 20% of global oil flows.

The Kobeissi Letter, which first flagged the announcement, described the launch as a…