TL;DR
- Venezuela captures 80% of its oil revenue in USDT as sanctions restrict access to traditional payment systems and international banking rails.
- Local economists link the use of stablecoins to a recovery in oil output near 1 million barrels per day and a rebound in economic activity.
- While USDT improves trade continuity and cross-border settlements, liquidity controls and wallet freezes continue to limit how efficiently the government converts digital assets into usable foreign exchange.
Venezuela captures 80% of oil revenue in USDT, according to local economic analysis, reflecting how digital assets have become embedded in the country’s energy trade. Under persistent sanctions, stablecoins act as a practical settlement layer for crude exports and related transactions.
This development places Venezuela among the most visible examples of crypto usage in commodity markets, with USDT playing a central role in sustaining cash flow from oil sales.
Venezuela Captures 80% Of Oil Revenue In USDT
Economist Asdrubal Oliveros said that roughly 80% of Venezuela’s crude oil sales are settled in USDT, a figure he shared during a recent podcast discussion. He linked the trend to sanctions imposed on PDVSA and the central bank, which restricted access to correspondent banking and dollar clearing systems.
Oil production has risen to around 1 million barrels per day, a level not seen for several years. Oliveros associated part of this recovery with the ability to receive payments through stablecoins, which reduce delays and counterparty risk compared with traditional channels. China remains a major destination for Venezuelan crude, and USDT settlements have reportedly simplified transactions for intermediaries operating outside the US financial system.
PDVSA began requesting digital wallets for spot oil sales in early 2024. Selected banks and exchange houses were later authorized to offer USDT to private firms in exchange for bolívars, integrating stablecoins into domestic trade flows tied to energy exports.
USDT Adoption And Sanctions Constraints
USDT has become a functional tool for Venezuela’s oil trade, but it has not eliminated structural frictions. Capital controls limit how the government can liquidate stablecoin holdings, creating pressure in the foreign exchange market. Oliveros warned that restricted conversion channels can tighten dollar supply and influence local pricing dynamics.
Enforcement actions also shaped the landscape. In 2024, Tether froze 41 wallets linked to sanctioned entities, while US authorities increased scrutiny on buyers of Venezuelan crude. Washington later imposed tariffs on importers and seized oil tankers near Venezuelan waters, escalating tensions.
Despite these constraints, data cited by international media showed that about $119 million in crypto was sold to private buyers over several months, indicating ongoing demand for digital liquidity within the country.
