Fidelity Digital Assets says Bitcoin and gold are showing signs of a shift away from dollar-based systems.
Summary
- Fidelity says Bitcoin toll claims and gold demand show pressure on dollar-based settlement systems globally.
- Iran’s insurance proposal adds uncertainty as state-linked media publicly denies active crypto toll collection claims.
- USDT freezes recently pushed Bitcoin settlement debate higher, while Fidelity says BTC outperformance has lagged.
The firm made the statement in its “Six Key Trends Shaping Digital Assets in 2026” report.
Fidelity said there is “growing evidence” that countries are testing payment systems outside U.S. control. The firm pointed to gold demand and reported Bitcoin-linked toll activity near the Strait of Hormuz.
The report said these moves show the rise of “alternative settlement mechanisms.” Fidelity also said gold’s strength fits its earlier view, while Bitcoin has not yet followed with stronger performance.
Bitcoin Toll Claims Remain Disputed
The Bitcoin part of the report centers on Iran and the Strait of Hormuz. Fidelity referred to reports that Iran accepted Bitcoin for tolls and related payments tied to activity in the key oil route.
However, those claims remain contested. As previously reported by crypto.news, Iranian state-linked media denied that Tehran was already collecting Strait of Hormuz tolls in Bitcoin or stablecoins. That makes “accepting bitcoin for tolls” a disputed claim, not a confirmed payment system.
Meanwhile, Fars News reported in May that Iran’s Economy Ministry had proposed an insurance-based model for ships using the Strait of Hormuz. The plan focused on marine insurance policies and financial responsibility certificates.
The same report said the model could generate more than $10 billion for Iran. It did not clearly confirm that Bitcoin payments were already active under the proposed system.
Gold Demand Strengthens Reserve Debate
Fidelity also linked the dollar shift debate to central bank gold buying. The firm said central bank demand for gold remained strong, even after gold pulled back from its January high.
The report also cited data showing gold had overtaken U.S. dollars and Treasuries as a leading part of global reserves. Fidelity said, “Gold’s performance and continued central bank demand are broadly aligned with our initial thesis.”
USDT Freeze Raises Settlement Questions
The debate also includes stablecoins. U.S. authorities recently froze $344 million in USDT tied to Iran, according to earlier crypto.news reporting. The freeze showed how dollar-backed tokens can still face U.S. enforcement.
That issue supports the contrast in Fidelity’s report. Stablecoins can move quickly, but issuers can freeze them. Bitcoin is harder to block, but its use in state-level trade remains harder to verify.
Fidelity’s report does not say the dollar has lost its reserve role. It says Bitcoin, gold, and alternative payment routes are gaining more attention as countries test systems outside U.S.-led financial rails.
