Venezuela Uses USDT for Oil Trade to Bypass Sanctions, Tether Says It Complies with U.S. Rules

Venezuelan President Nicolás Maduro has made Tether's USDT central to the country's economy, with state oil company Petróleos de Venezuela using the stablecoin to navigate sanctions and settle oil transactions, The Wall Street Journal reported on Jan. 11. A Tether spokesperson said the company complies with all applicable U.S. and international sanctions and works closely with U.S. authorities, including the Office of Foreign Assets Control, adding that it regularly assists law enforcement in freezing addresses linked to illegal activity or sanctions violations.