Venezuela Uses Stablecoins to Bypass US Sanctions
Date: 2025-09-04 Author: Oliver Abernathy Categories: IN WORLD
The Venezuelan authorities are increasingly turning to stablecoins in an attempt to keep the economy functioning amid sanctions pressure from the United States. According to Independent sources, the use of digital currencies is recognized as a key tool for ensuring domestic production and the stability of the financial system, especially in areas related to food and essential goods.
The sharp spread of cryptocurrencies began in 2024, when inflation in the country reached 229%, and the national currency, the bolivar, rapidly depreciated. Over the year, the volume of cryptocurrency transactions increased by more than 110%, which made digital assets a familiar element of economic relations.
Last summer, Vice President and Minister of Oil Delcy Rodriguez announced the authorities' readiness to use "alternative mechanisms" to manage the currency market in the face of restrictions. These statements coincided with the tightening of sanctions against the country's oil sector, which is the main source of foreign exchange earnings.
State oil company PDVSA has already begun to gradually expand the use of USDT stablecoins for international payments. This step has made it possible to partially bypass restrictions and support export operations.
In addition, the authorities have given permission to a number of large banks, including Banesco, Provincial, Mercantil, Banplus and Banco Caribe, to sell USDT to customers directly for bolivars. According to the analytical firm Ecoanalitica, in July alone, Venezuelans and businesses purchased stablecoins worth about $119 million, which indicates high demand for such an instrument.
The economic crisis and US sanctions have already led to the fact that more than half of all financial transactions within the country are carried out in dollars or their digital analogues. According to the publication Elobservador, the share of such transactions is currently about 66%.
Thus, Venezuela is effectively making digital currencies part of its national survival strategy. The use of stablecoins not only helps to bypass international restrictions, but also becomes one of the key elements in maintaining domestic economic activity.
