In a 2026 digital asset trends report, Fidelity Digital Assets stated that there are increasing signs that some countries are attempting to bypass the US-dominated financial settlement network. The firm links this shift to rising gold demand, central bank reserve adjustments, and rumors surrounding Bitcoin payments in the Strait of Hormuz.
Fidelity observes gold and Bitcoin side by side
Fidelity stated that gold's recent performance is largely in line with its previous assessment. Even with gold prices retreating from their year-to-date highs, global central bank demand for gold remains strong. The report also noted that gold's position in global reserves is rising, and these changes have intensified discussions about the dominance of the US dollar.
In contrast, Fidelity believes that Bitcoin has not yet reflected this trend in its price performance. The report's core conclusion is not that the US dollar has lost its reserve currency status, but rather that Bitcoin, gold, and other alternative payment methods are gaining more attention.
Iran's claims regarding Bitcoin fees remain controversial.
Fidelity noted in its report signs of Bitcoin-related "toll" activity near the Strait of Hormuz, viewing it as a signal of an alternative settlement mechanism. However, this claim remains unconfirmed.
Previously, Iranian state-backed media denied that Tehran had collected passage fees for the Strait of Hormuz in the form of Bitcoin or stablecoins. Therefore, the claim that "Iran has accepted Bitcoin fees" remains a controversial statement, rather than a confirmed payment arrangement.
Iran's Fars News Agency reported in May that the Iranian Ministry of Economy had proposed an insurance model for transit vessels, focusing on marine insurance policies and proof of financial liability. The report mentioned that this model could generate over $10 billion in revenue for Iran, but did not explicitly state that Bitcoin payments had actually been implemented.
The USDT freeze has once again raised the issue of settlement control.
The report also includes stablecoins in the comparison. Previous reports indicate that the US recently froze $344 million in USDT related to Iran. This further illustrates that even though stablecoins offer efficiency for cross-border transfers, dollar-pegged tokens can still be subject to US law enforcement influence.
Fidelity used this comparison to say that stablecoins are fast to transfer, but the issuers have the ability to freeze them; Bitcoin is harder to block at a single point, but it is often harder to verify whether it has been used in national-level trade or fee-charging scenarios.
Judging from Fidelity's statements, the current changes seem more like countries are exploring settlement options outside the dollar system, rather than a complete shift in the existing international reserve structure. Gold demand, stablecoin freezes, and Bitcoin-related rumors are collectively fueling this discussion.
