Fidelity Sees Cracks in Dollar-Centric Payments System as Bitcoin, Gold Demand Rises

Fidelity Digital Assets said the global financial system is gradually moving away from a dollar-centric structure, citing growing demand for Bitcoin and gold.

Cointelegraph reported on May 29 that Fidelity, in a recently released report on six key digital-asset market trends for 2026, said moves away from the dollar-based system are becoming more pronounced.

The firm highlighted Iran's decision to allow Bitcoin for oil shipping payments through the Strait of Hormuz. Fidelity described that as the emergence of "alternative settlement mechanisms" aimed at bypassing the reach of the U.S. financial system.

The report said gold prices and continued central-bank buying have largely tracked prior expectations. Bitcoin's lagged rally, however, has yet to fully emerge. Global central banks have recently continued to reduce their holdings of dollar assets while increasing gold reserves.

Iran has been reviewing a Bitcoin-based model for maritime insurance and oil shipping payments since 2025. In April 2026, it allowed oil transit fees to be paid in Bitcoin, dollar stablecoins and China's yuan.

That same month, the U.S. government froze about $344 million of stablecoins linked to the Iranian government and the Islamic Revolutionary Guard Corps, or IRGC. Fidelity said the move reinforced that stablecoins remain within the reach of U.S. sanctions.

Even so, the report added that Tether's dollar-denominated stablecoin, USDT, continues to play a central role in the global oil shipping payments market.