Venezuela Turns to Tether's Stablecoin Amid US Sanctions

Venezuela, a country under severe US sanctions, has been forced to adopt the use of Tether's (USDT) stablecoin as a means of settling approximately 80% of its oil revenue. This move is not a result of a voluntary adoption of cryptocurrency, but rather a necessary measure due to Venezuela's exclusion from the US dollar system.

The use of USDT in Venezuela has been facilitated by the country's government, which has recognized the benefits of using digital currencies to manage its finances. The current president, Delcy Rodriguez, acknowledged the inevitability of adopting cryptocurrency-driven 'dollarization' mechanisms last year.

As a result, banks in Venezuela are now selling USDT to local businesses, which use it to pay suppliers both domestically and internationally. Additionally, efforts are being made to promote the use of USDT in retail transactions, with supermarket associations working on implementing systems to accept USDT payments from customers.