Wall Street Journal Details USDT’s Role in Venezuela

Tether’s USDT stablecoin has become widely used in Venezuela, including by the country’s state oil company to help conduct transactions despite U.S. sanctions and by citizens as a dollar alternative amid hyperinflation, the Wall Street Journal reported, according to a summary by Wu Blockchain. The report said USDT is embedded in both state and retail transactions. Tether stated it complies with U.S. sanctions and has frozen wallets identified as being involved in illicit activity.