$USDT has become the primary tool for Venezuelan state companies to circumvent oil sanctions and a survival mechanism for ordinary citizens, experts said in comments to the WSJ.
Attention to the key role of the stablecoin in the country's economy has brought the arrest of its leader, Nicolas Maduro.
Faced with U.S. sanctions pressure in 2020, the state-owned company PdVSA began requiring payment in USDT to bypass banking restrictions. According to data from economist Asdrubal Oliveros, crypto assets currently account for 80% of Venezuela's oil export revenues. https://www.youtube.com/watch?v=7vp2v8fKXJg&t=279s
The company Tether is actively cooperating with U.S. authorities. The stablecoin issuer has already frozen dozens of wallets linked to the trade of Venezuelan oil and is ready to assist in tracking funds from Maduro's regime.
For the population, cryptocurrency has become protection against runaway inflation. Tether CEO Paolo Ardoino noted that the bolivar has lost 99.8% of its value against the dollar over the past 10 years. Co-founder of the Ledn service Mauricio Di Bartolomeo noted that digital dollars are used to pay for everything: from haircuts to utility bills.
Adam Zarazinski, head of the analytics firm Inca Digital, predicts further growth in the use of digital assets: citizens are saving their savings, while authorities are trying to circumvent sanction restrictions.
Crisis in Iran
A similar situation has arisen in Iran. Amid protests and the devaluation of the rial, citizens are increasingly switching to USDT on the TRON network to protect their savings. https://www.youtube.com/watch?v=cAoVGMKeX8c
In September, authorities introduced limits: holding no more than $10,000 and purchasing up to $5,000 per person.
According to TRM Labs analysts, the Islamic Revolutionary Guard Corps (IRGC) has transferred over $1 billion since 2023 through British front companies Zedcex and Zedxion.
Babak Zandjani played a key role in these schemes, previously accused of laundering oil revenues.
The role of Tether and freezing
According to the WSJ, Tether is actively cooperating with U.S. authorities. The stablecoin issuer has already frozen dozens of wallets linked to the trade of Venezuelan oil and is ready to assist in tracking funds from Maduro's regime.
According to AMLBot data, from 2023 to the end of 2025, the company has added funds worth approximately $3.3 billion to its blacklist. Of this, $1.75 billion was related to TRON.
In January of this year, the issuer froze another $182 million on five wallets in the network.
The connection with Venezuela or Iran has not been officially confirmed yet.
We remind you that in November, the head of the country's National Supermarket Association, Italo Atencio, confirmed that Venezuelans regularly pay for goods using digital assets.
In December, Ari Redbord, head of policy at TRM Labs, stated that Venezuela has become one of the leaders in cryptocurrency adoption, despite the size of its official economy.