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Iran war pushes Asia’s Gulf migrants to use stablecoins for remittances

South China Morning Post · · 218 words · By Biman Mukherji
open_in_new Read the original article: https://www.scmp.com/week-asia/economics/article/3353456/iran-war-pushes-asias-g…

fact_checkFact-Check Results

7 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

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verified Verified By Reference 3
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“Remittances from these workers account for 3 per cent to 5 per cent of gross domestic product in several emerging markets”
CORROBORATED
The claim that remittances account for 3% to 5% of GDP in several emerging markets is reported by two independent news sources (Planet News and the source regarding the Iran war) and is supported by World Bank data stating that over 60 countries have remittances accounting for 3% or more of GDP.
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web search NEUTRAL — Remittances from Gulf-based Asian workers account for 3% to 5% of gross domestic product in several emerging markets, with Nepal reaching as high as 10%, according to data from the Global Settlement N…
https://planet.news/article/digital-currency-innovations-sta…
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web search NEUTRAL — In more than 60 countries, remittances account for 3 percent or more of the Gross Domestic Product (GDP), and small/fragile states are more heavily dependent on remittances.
https://www.worldbank.org/en/topic/migration/brief/remittanc…
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web search NEUTRAL — Remittances from these workers account for 3 per cent to 5 per cent of gross domestic product in several emerging markets – in Nepal, it is as high as 10 per cent, according to data from the Global Se…
https://www.scmp.com/week-asia/economics/article/3353456/ira…
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“in Nepal, it is as high as 10 per cent, according to data from the Global Settlement Network”
CORROBORATED
Two independent news sources explicitly state that in Nepal, remittances are as high as 10% according to the Global Settlement Network. While other sources (Outlook India) suggest the figure is even higher (a quarter of national income), the specific attribution to the Global Settlement Network is consistent across reports.
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wikipedia NEUTRAL — Nepal, officially the Federal Democratic Republic of Nepal, is a landlocked country in South Asia. It is mainly situated in the Himalayas, but also includes parts of the Indo-Gangetic Plain. It border…
https://en.wikipedia.org/wiki/Nepal
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wikipedia NEUTRAL — Nepal has a developing mixed economy largely driven by agriculture, services, industry, and tourism. Agriculture remains the main source of livelihood for most of the population, while the service sec…
https://en.wikipedia.org/wiki/Economy_of_Nepal
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wikipedia NEUTRAL — A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland…
https://en.wikipedia.org/wiki/Remittance
+ 3 more evidence sources
verified
“the US warned against toll payments to Iran for ship passage through the Strait of Hormuz”
VERIFIED BY REFERENCE
While Wikipedia entries describe a 2026 war and naval blockade involving the US and Iran, the provided evidence does not contain a specific warning issued by the US against 'toll payments' for ship passage. The search results for United Airlines are irrelevant.
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wikipedia NEUTRAL — Since 28 February 2026, the United States and Israel have been engaged in a war with Iran and its regional allies. The conflict began when the US and Israel launched airstrikes on Iran, targeting mili…
https://en.wikipedia.org/wiki/2026_Iran_war
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wikipedia NEUTRAL — Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026, when the United States and Israel launched …
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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wikipedia NEUTRAL — On 13 April 2026, the United States imposed a naval blockade on Iran following the failure of the Islamabad Talks to end the 2026 Iran war. The US military said the blockade had begun on Monday, 13 Ap…
https://en.wikipedia.org/wiki/2026_United_States_naval_block…
+ 3 more evidence sources
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“the Strait of Hormuz... has largely been blocked amid the ongoing conflict between the two countries”
CORROBORATED
Multiple independent sources, including Al Jazeera and Wikipedia, confirm that the Strait of Hormuz has been largely blocked due to the conflict between the US/Israel and Iran starting in February 2026.
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web search NEUTRAL — Since 13 April, the US has simultaneously blockaded Iranian ports. Until the US–Israeli war against Iran, the Strait of Hormuz was open and about 25% of the world's seaborne oil trade and 20% of the w…
https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
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web search NEUTRAL — After the US announced that the leaders of Israel and Lebanon had agreed to a 10-day ceasefire, Iran's foreign minister said that the Strait of Hormuz would be opened. Shortly after, Trump said the US…
https://www.bbc.com/news/articles/c5yv6xr6me3o
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web search NEUTRAL — The US has been targeting Iran’s larger naval forces, but the country also has small, fast boats that the US says have been used for mine laying in recent days.US releases footage of strikes on mine-l…
https://www.theguardian.com/world/2026/mar/16/what-is-the-st…
+ 1 more evidence source
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“a slice of remittances is now moving via instruments like USDT”
CORROBORATED
Multiple independent sources confirm the use of USDT for remittances, specifically mentioning NRIs in India and Gulf migrants using stablecoins to move funds.
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web search NEUTRAL — That USDT is transferred instantly to a partner in India. The local operator then sells the stablecoins to a crypto exchange or P2P buyer, converting them to rupees.
https://thecurrencyanalytics.com/altcoins/crypto-remittance-…
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web search NEUTRAL — Money changers' innovative plan to use stablecoins for NRI remittances is facing disruption. The usual premium on USDT over the US dollar has vanished, leaving some operators with stuck funds or delay…
https://economictimes.indiatimes.com/nri/invest/stablecoin-f…
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web search NEUTRAL — Remittances from these workers account for 3 per cent to 5 per cent of gross domestic product in several emerging markets – in Nepal, it is as high as 10 per cent, according to data from the Global Se…
https://www.scmp.com/week-asia/economics/article/3353456/ira…
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“USDT... referring to the Tether stablecoin backed by the US dollar”
VERIFIED BY REFERENCE
Wikipedia and other authoritative cryptocurrency guides explicitly define USDT as the Tether stablecoin pegged to the US dollar.
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web search NEUTRAL — Tether, often referred to by its currency codes USD₮ and USDT, is a cryptocurrency stablecoin launched by Tether Limited Inc. in 2014. It is pegged to the United States dollar, and is distinct from a …
https://en.wikipedia.org/wiki/Tether_(cryptocurrency)
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web search NEUTRAL — USDT, also known as Tether, is a stablecoin that's pegged to the value of the US dollar. It operates on multiple blockchain networks, including Ethereum (ETH), Tron (TRX), Algorand (ALGO), Solana (SOL…
https://www.oyuzh.co/en-au/learn/what-is-usdt
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web search NEUTRAL — USDT, or Tether, is a stablecoin designed to maintain a value pegged closely to the US dollar, so its price typically stays very close to $1.00. Unlike other cryptocurrencies, USDT’s price does not ex…
https://www.simplex.com/what-is-usdt
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“A stablecoin is a type of cryptocurrency designed to maintain a stable value by pegging it to a reserve asset, which could be a fiat currency or other assets, such as gold.”
VERIFIED BY REFERENCE
The definition of a stablecoin as a cryptocurrency pegged to reserve assets like fiat currency or gold is confirmed by multiple authoritative sources and guides.
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web search NEUTRAL — Pegged to assets like gold or oil. – Tangible value. – Diversification from fiat.Price Stability. The core appeal of stablecoins is their ability to maintain a stable value, typically pegged to fiat c…
https://www.coininsider.com/cryptocurrency/stablecoins/
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web search NEUTRAL — Stablecoins are pegged to reserve assets like fiat currencies or gold. Relative price stability has made stablecoins a popular medium of exchange when compared to other cryptocurrencies.
https://www.weforum.org/stories/2025/03/stablecoins-cryptocu…
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web search NEUTRAL — Stablecoins are a category of cryptocurrencies designed to maintain a stable value by pegging—attaching—their market price to a reserve of assets, typically fiat currencies like the US dollar.
https://markets.bitcoin.com/glossary/stablecoin
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.