Venezuela Will Accelerate USDT Adoption to Avoid US Sanctions
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Venezuelan state-owned oil company PDVSA plans to increase the use of Tether’s stablecoin USDT to export crude oil and fuel, in response to the recent decision by the United States to re-impose sanctions on the country.

The Biden administration announced last week it would not renew a license that had eased oil sanctions on Venezuela after President Nicolas Maduro reneged on his election promises.

As a result, the US Treasury gave PDVSA's customers and suppliers until May 31 to wind down transactions, Reuters reports.

In order to mitigate the risk of its oil sale profits being frozen in foreign bank accounts due to US sanctions, PDVSA is actively adopting USDT as a method of payment.

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