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Venezuelan state oil company used USDT to bypass US sanctions
Source: Yellow Original Title: Venezuela’s State Oil Company Turned to USDT to Bypass US Blockade
Original Link: https://yellow.com/es/news/la-petrolera-estatal-de-venezuela-recurrió-a-usdt-para-eludir-el-bloqueo-de-ee-uu Venezuela’s state oil company turned to Tether (USDT) to bypass US sanctions.
Petróleos de Venezuela (PDVSA) used USDT to settle crude transactions, while the stablecoin provided relief to Venezuelans amid hyperinflation.
Tether emphasized its cooperation with US authorities following the report.
What happened
The investigation revealed that PDVSA adopted USDT for oil transactions to evade sanctions that blocked dollar bank access.
In early 2024, PDVSA required clients to hold cryptocurrency wallets and mandated advance payments in USDT for agreements.
PDVSA sold oil to Chinese refineries with payments processed through intermediaries using USDT.
A Tether spokesperson stated that the company works closely with the Office of Foreign Assets Control and regularly assists law enforcement in freezing addresses linked to sanctions violations.
Tether had frozen 41 wallets related to Venezuela by 2024, according to Atlantic Council investigations.
Why it matters
The revelation highlights the role of cryptocurrencies in enabling sanctioned regimes to access global finance.
USDT became Venezuela’s economic lifeline amid hyperinflation of the bolívar, which exceeded 270% annually.
By November 2025, cryptocurrencies accounted for approximately 10% of food payments in Venezuela.
US authorities captured Maduro on January 3, 2026, and he now faces narco-terrorism charges in New York.
Sanctions against Venezuela remain in effect despite Maduro’s departure, and OFAC maintains restrictions on PDVSA pending policy changes.