Venezuela's PDVSA Accelerates USDT Adoption for Oil Sales Amid US Sanctions

Apr 23, 2024, 05:07 AM

Venezuela, through its state oil company PDVSA, is actively pursuing the use of the cryptocurrency Tether (USDT), pegged to the U.S. dollar, to facilitate oil export transactions and circumvent new U.S. sanctions. This strategic move aims to prevent the freezing of oil sale revenues in foreign bank accounts. Multiple sources including Reuters and Bloomberg have reported on this development, highlighting Venezuela's accelerated adoption of USDT in response to the sanctions.