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Venezuela Looks to Tether to Bypass Sanctions: Reuters
Venezuela's state-run oil company started experimenting with Tether in 2023
Updated Apr 23, 2024, 4:56 a.m. Published Apr 23, 2024, 4:54 a.m.
- Venezuela is using USDT to bypass sanctions, Reuters reported.
- This is the country's second experiment with crypto as a means to bypass sanctions.
Venezuela's state-owned oil company, PDVSA, is looking to Tether as a means to bypass new sanctions placed on it by the United States, Reuters reported.
Reuters reported that PDVSA is trying to integrate more usage of USDT as a hedge against having foreign bank accounts frozen. Tether is the world's largest dollar-pegged stablecoin.
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Tether did not respond to a request for comment by CoinDesk by press time.
Reuters reported that PDVSA uses intermediaries when trading crypto in order to obfuscate the on-chain trail.
Venezuela launched its first experiment with crypto in 2018 as a way to bypass the dollar, but it never really took off, with no major exchanges accepting it and the government sunsetting the program in early 2024.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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