Tether Emerges as Key Tool for Venezuelan Oil Company to Circumvent Sanctions

Tether's Role in Venezuela's Financial System

The Wall Street Journal recently revealed Tether's growing significance in Venezuela's financial landscape. Through the use of this stablecoin, the country's state-run oil company (PdVSA) has managed to conduct transactions while bypassing international sanctions.

Dual Impact of the Stablecoin

Amidst economic turmoil and hyperinflation, Tether has become a lifeline for Venezuelans, offering a stable alternative to the rapidly devaluing local currency.

• Facilitates oil trade outside sanctioned channels
• Provides economic stability for everyday users
• Company asserts full compliance with regulations

Official Compliance Statement

A Tether spokesperson emphasized the company's strict adherence to international sanctions and collaboration with U.S. authorities, including OFAC, to freeze illicit or sanction-violating accounts when required.