The Venezuelan government is using USDT to receive payments for crude shipments, according to local sources. The move prevents a blockade of crude payments, allowing the Venezuelan government to supply the local foreign currency market directly.
Economist: USDT Leveraged to Settle Crude Oil Sales in Venezuela
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Venezuela Leverages USDT to Receive Crude Sale Settlements
Stablecoins, such as USDT, have become essential in countries facing both economic crises and sanctions from third countries. Venezuela is increasing the percentage of payments received in USDT, the largest stablecoin by market capitalization, for its crude sales, streamlining its operations to supply the local market with dollar liquidity.
Asdrubal Oliveros, a local economist, referred to the subject during a recent interview. He revealed that this situation has evolved into a more comprehensive usage of the stablecoin in corporate treasuries in Venezuela.
He declared:
In the last months, due to the current market dynamics in oil sales, [Venezuela] has been receiving settlements in USDT. Then, it is also developing mechanisms to sell these stablecoins.
Oliveros highlights that in this new scheme, which avoids the U.S. dollar, the government sells USDT directly as payments for services or to supply companies with dollar liquidity in exchange for local fiat currency.
Other sources declared that these stablecoins sales are settled through state banks to a limited number of companies. These receive the alleged payments in previously approved wallets. Nonetheless, official sources have neither acknowledged nor denied these allegations.
These statements agree with earlier reports, which have pinpointed the use of USDT in oil sale operations. In 2024, PDVSA demanded that over half of each shipment’s payment be made using stablecoins, according to sources.
Nonetheless, there are implications for relying on a centralized stablecoin asset, as USDT, for these purposes. Tether, which has traditionally complied with U.S. government sanctions, could freeze these funds if identified. This would affect the Venezuelan treasury and these companies, which would face heavy losses.
Ecoanalitica, a local economic analysis firm, estimates that over $119 million entered the private sector through USDT purchases in July.
Read more: Reports Indicate USDT Is Being Used in Venezuela to Facilitate Settlements and to Avoid Sanctions
