Venezuela turned to USDT after United States sanctions cut off access to the dollar banking system. Interestingly, the US has imposed “targeted sanctions” against Venezuelan individuals and entities over “criminal, antidemocratic, or corrupt actions” since 2005.

According to a Wall Street Journal report, state oil firm PDVSA began demanding payments in the stablecoin to keep crude exports moving.

By 2020, buyers were required to hold crypto wallets. Oil deals were settled through direct USDT transfers or via intermediaries that swapped cash proceeds into stablecoins. This bypassed banks entirely and reduced seizure risk.

Local estimate puts nearly 80% of Venezuela’s oil revenue flowing through stablecoins.

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