Venezuela's actions are quite aggressive—state oil company PdVSA is settling exports directly in USDT, with 80% of revenue bypassing traditional banking systems. This move is indeed clever: with US dollar sanctions restricting access, Tether has become a "national financial tool."

Even more interesting is the ecosystem level. The government uses stablecoins to bypass US dollar regulations, while the local population, facing currency devaluation, can only rely on USDT for savings, cross-border transfers, and procurement. A single currency simultaneously serves as a "sanction hedge" and a "financial lifeline," a role combination rarely seen in reality.

The problem then arises: Tether, a privately issued stablecoin, has stepped into the realm of global geopolitics. Although on-chain transactions are traceable, its actual influence has long exceeded the scope of regulation. It is not just a technical product, nor merely a financial tool, but has become a form of "parallel financial infrastructure" that crosses sanction boundaries. How stable this path is remains uncertain.