The Hormuz is not under blockade, but the dollar is being bypassed.

Several million dollars at a time, but not accepted in US dollars?

Is the RMB quietly gaining prominence?

The RMB quietly taking the lead?

De-dollarization is no longer just a narrative

Every time millions of dollars in tolls are paid in RMB, it not only represents that this part of the energy flow is bypassing the dollar settlement system, but also represents a series of resounding bargaining chips in the global "de-dollarization" process. Amidst a still-strong US dollar and rising yields due to Federal Reserve interest rate hikes, global central banks (especially China, Russia, and India) are quietly accumulating gold, awaiting signals of a "long-term de-dollarization trade." This new regulation in the Strait of Hormuz directly provides the RMB with a crucial, high-value, and mandatory international use scenario. Shipping companies that need to pass through the strait, whether they like it or not, need to "absorb" RMB to meet the IRGC's payment requirements. This means that the actual circulation and acceptance of RMB in international trade is being enhanced in a non-market-based way. Furthermore, there is an even more noteworthy detail. Reports indicate that Iran has allowed crude oil tankers settled in RMB to pass. It's important to understand that in traditional energy trade, the settlement path is almost fixed: pricing is in US dollars, clearing is done through the banking system, and ultimately enters a financial cycle centered on the US dollar. However, in the current environment, some transactions are beginning to "shift"—they can be settled in RMB. The changes brought about by this are not just "more payment methods," but rather: Energy trading is beginning to have the ability to "operate independently of the dollar path." And once this ability exists, it will create a chain reaction: whoever can be accepted as a means of payment will be able to enter this trading system. In this sense, the RMB is more like passively entering the circulation process in a specific scenario. In other words, a passive "currency penetration" is unfolding. The insurance industry's "divine assistance" has provided unexpected structural support for the IRGC's "new rules." The international insurance market, represented by Lloyd’s of London, has begun to reassess the region’s risk structure. Market feedback shows: Vessels without "passage confirmation" → extremely high risk → difficult to insure. Vessels with confirmation → significantly reduced risk → insurable. This means that whether or not one is "allowed to pass" begins to influence financial pricing. And insurance, in essence, is the "underlying credit switch" for global trade. Once the insurance system is adjusted, the following will occur: Unqualified vessels, even if physically able to pass inspection, will be unable to complete commercial transactions; qualified vessels, on the other hand, will find it easier to obtain financial support. In other words, unexpectedly for governments, the international insurance market, through its actuarial models, indirectly acknowledged the IRGC's de facto control over the Strait, making IRGC's permission a prerequisite for the smooth operation of commercial shipping, thus completing a structural "legitimization" process of financial power. The Strait of Hormuz is not closed. Oil is still flowing.

But the change has occurred at a deeper level:

• Who can pass  

• What currency is used for settlement?

• Who defines risk?

As the answers to these core questions begin to diverge, a longer-term trend may be forming: not a global collective abandonment of the dollar, but ratheran increasing number of key trade and financial transactions no longer necessarily require the use of the dollar. The Strait of Hormuz, a strategic waterway carrying 30% of the world's maritime oil trade, is accelerating a global financial and geopolitical transformation in an unprecedented way.