According to Reuters, PDVSA, Venezuela’s state-owned oil corporation, is considering using Tether (USDT) as a way around fresh penalties imposed by the US on it.According to Reuters, PDVSA is attempting to increase its use of USDT as a safeguard against having its foreign bank accounts seized. The biggest stablecoin based on the dollar in the world is called Tether.
According to Reuters, PDVSA obfuscates the on-chain trace by selling cryptocurrency through middlemen. The government of Venezuela decided to end the programme in early 2024, but the country’s first attempt at using cryptocurrency in 2018 as a means of avoiding the dollar never really took off. The big exchanges never accepted it.