Venezuela, whose oil industry faces crippling unilateral sanctions from the U.S. government, is reportedly pivoting to stablecoins as part of a new economic strategy. Asdrúbal Oliveros, managing partner at Ecoanalítica, highlighted the move’s relevance given the dollar drought confronting the government.

On social media, Oliveros revealed the magnitude of this pivot. He stated:

During September, the Venezuelan government made more settlements in USDT than in US dollars, marking a significant shift in the direction of the national exchange rate regime.

While Oliveros did not disclose sources or volumes behind the claims, he has recently reported on the rise of stablecoins and their use, highlighting the growing relevance of these assets to the country’s economic fabric.

The increased use of stablecoins by the Venezuelan state is linked to their acquisition via crude sales, as the state-owned oil company PDVSA has allegedly received payments in USDT for these exchanges.

Oliveros had stated that the state was developing methods that could serve to inject these USDT flows into the local economy.

According to Reuters, the central bank would be assigning these resources directly to companies that receive payments in previously approved wallets. However, there has been no official confirmation of these claims.

In any case, this could be the first time that a country’s economy is managed through USDT disbursements, which could serve as an opportunity to assess the advantages and problems associated with these policies.

Nonetheless, there are dangers associated with these processes, as USDT is a centralized asset and can be frozen at any time. In 2024, when reports about USDT being involved in these oil sales surged, a spokesperson from Tether stated that the company was “committed to working to ensure sanction addresses are frozen promptly.”

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