Venezuela’s state-owned oil and gas company PDVSA is reportedly planning to speed up its use of crypto, particularly USDT, the largest stablecoin by market capitalization, to circumvent US sanctions.
The Venezuelan oil company gradually started integrating USDT for oil sales in 2023, and reportedly has a new policy in place mandating new customers to have a digital wallet holding cryptocurrency.
Venezuela Turning to USDT for Oil Exports
According to Reuters, PDVSA’s intention to accelerate USDT usage for crude and fuel exports comes after the United States refused to renew a general license that temporarily lifted sanctions in Venezuela’s oil and gas sector, with the report citing people familiar with the matter.
The general license was issued in October following a promise by President Nicolás Maduro to allow a free and fair election in 2024. With the license allowing sales, Venezuela’s oil export reached 900,000 barrels per day (bpd) in March, recording its highest export in
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