According to reports out of Iran, the country is launching an insurance program for vessels traveling through the Strait of Hormuz that will pay out claims via Bitcoin. This follows a previously announced plan to collect toll payments in Bitcoin for safe passage and the U.S. government’s seizure of $344 million of the USDT stablecoin connected to the Iranian regime. The use of Bitcoin in the insurance scheme is of particular note following the seizure of the USDT stablecoins, as it may indicate that Iran has learned its lesson in terms of not using digital currencies that reintroduce the sort of counterparty risk Bitcoin was originally intended to avoid. Blockchain analytics firm Elliptic previously reported that the Iranian central bank had used USDT to support the Iranian rial and settle international trade payments. Use of USDT by the Maduro regime in Venezuela was also reported by the Wall Street Journal around the same time as another major USDT asset freeze conducted by Tether. According to a document obtained by Fars News Agency, Iran’s new insurance plan operates through a platform called Hormuz Safe, backed by the country’s Ministry of Economy and the Persian Gulf Strait Authority. The service targets cargo shipments moving through the Persian Gulf and Strait of Hormuz, and issues policies and liability certificates that cover lower-risk events such as vessel inspections, detentions, and confiscations. Shippers pay premiums in Bitcoin or other cryptocurrencies and receive signed receipts with encrypted verification upon confirmation. Claims settle directly on the blockchain for speed and transparency. Iranian officials project the program could generate more than $10 billion in annual revenue while offering an alternative to support shipping amid ongoing sanctions and recent regional conflicts.