Iran and Russia are accelerating the move away from the US dollar, and China’s monthly Yuan settlement amount reaches $214B

According to data compiled by Nikkei cited by Bitcoin.com News on May 14, in March, the settlement value of China’s Cross-Border Interbank Payment System (CIPS) reached about $214 billion (1.46 trillion Yuan), up 50% from the previous month and triple versus the same period in 2021. The data reflects that Iran and Russia have largely exited the US dollar settlement system.

CIPS System March Data: Confirmed Figures

Based on the Nikkei report cited by Bitcoin.com News, confirmed figures are as follows:

March 2026 CIPS settlement value: about $214 billion (about 1.46 trillion Yuan)

Month-over-month growth: up 50% from the previous month

Year-over-year growth: triple versus March 2021

Number of connected CIPS institutions: as of end-2025, more than 1,700 financial institutions worldwide have connected to CIPS

Saudi Arabian Yuan oil settlement share (March): 41%; two major Saudi large state-owned banks joined the CIPS network in the same month

Iran’s Confirmed Moves: Hormuz Toll System and Crypto Asset Use

The report confirms that Iran has closed the Strait of Hormuz to vessels from “unfriendly countries,” allowing passage for ships from China, Russia, and India. According to the report, Iran sets security tolls for vessels transiting the strait, requiring payment in Yuan or cryptocurrency. Ding Shuang, Chief Economist for Standard Chartered Bank Greater China and North Asia, said in the report: “The Middle East conflict has played the role of a catalyst, and we are witnessing the nascent form of ‘oil Yuan.’” Chainalysis’ March 2026 report records that in the fourth quarter of 2025, Iran’s Islamic Revolutionary Guard Corps (IRGC) obtained more than $3 billion through cryptocurrency transfers, and used digital wallets to pay for physical goods and transportation logistics fees.

Russia’s Confirmed De-dollarization Statement

In an interview with China in August 2025, Russian President Putin confirmed that transactions between Russia and China are currently “almost entirely conducted in rubles and Yuan.” Since Russia invaded Ukraine in 2022, it has been largely excluded from the US dollar system.

Chainalysis Sanctioned Crypto Usage Data

Chainalysis’ March 2026 report confirms:

Cryptocurrency assets received by sanctioned entities in 2025: $154 billion

Year-over-year increase: nearly 700% growth from the prior year

IRGC cryptocurrency asset income in Q4 2025: reported to be over $3 billion

Cross-Border Pilot Status of eCNY (Digital Yuan)

Beijing is working with partners such as Saudi Arabia and the UAE to pilot cross-border payments using digital Yuan (eCNY). The system supports instant settlement and does not require US banks as intermediary institutions. No official announcements have been made yet regarding the specific scale and timeline of the pilot program.

Frequently Asked Questions

What is China’s CIPS system, and how is it different from SWIFT?

CIPS (China’s Cross-Border Interbank Payment System) was launched by China in 2015. It supports cross-border settlement denominated in Yuan. As of end-2025, it has connected more than 1,700 financial institutions worldwide. Its core difference is that CIPS enables direct Yuan settlement without requiring US banks as intermediaries, while SWIFT is a global cross-border payment messaging system led by the US dollar.

How should the March CIPS settlement value of $214 billion be understood in terms of the background scale?

Although the March settlement value of $214 billion is up 50% from the previous month and triple versus the same period in 2021, according to SWIFT data, as of early 2026 the overall share of Yuan in global settlement is still about 3%, while the US dollar share is 51%. CIPS’s rapid growth is occurring despite the backdrop that the global share of the Yuan remains relatively limited.

How should the credibility of the IRGC crypto data in the Chainalysis report be understood?

Chainalysis’ figures are based on on-chain data tracking, recording the actual token flows involving sanctioned addresses. Chainalysis’ March 2026 report confirms that in 2025 sanctioned entities received about $154 billion in crypto assets in total, nearly 700% year-over-year growth. These figures are based on on-chain blockchain records, not official government reporting data.