Venezuela is increasingly relying on USDT for its oil sales, with approximately 80% of transactions settled in the stablecoin, according to economist Asdrúbal Oliveros and UCAB Blockchain Academy head Aníbal Garrido. The funds are reportedly funneled back into the country through Asian intermediaries, becoming a crucial tool for government payments to banks and contractors. This shift comes as the domestic banking system faces a shortage of U.S. dollars, accelerating the "USDT-ization" of the foreign exchange market. Chainalysis data indicates that Venezuela ranks 18th globally in cryptocurrency adoption as of 2025, having received around $44.6 billion in crypto assets over the past year. Notably, at least $22 billion of this amount was in USDT, highlighting the stablecoin's significant role in the country's financial ecosystem.
Venezuela's Oil Sales Predominantly Settled in USDT Amid Dollar Shortage
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