When the cash runs dry, you get creative. That’s Venezuela’s current reality as U.S. oil export restrictions have choked off much of its dollar supply. But instead of watching commerce screech to a halt, the government has quietly opened the door to using dollar-pegged cryptocurrencies like USDT in private-sector currency exchanges. It’s an eyebrow-raising pivot and one that might just keep the lights on.
The U.S. sanctions, particularly those limiting payments from oil exports even under Chevron’s new restricted license, have slashed foreign currency inflows. While Chevron can now export oil again, it can’t pay the government, so the usual reservoir of dollars for the economy isn’t refilling. To make matters worse, the central bank has dialed down its dollar injections by 14% over the first seven months of 2025.
The Pivot: USDT Enters the Game
Starting in June, regulators began approving the use of private-sector digital wallets and allowing certain banks to sell USDT to businesses in exchange for bolívares. These firms can then use the stablecoin to pay suppliers at home or abroad or convert it back as needed. It’s a bold, improvisational move: injecting crypto into commerce without calling attention to it.
How Much Crypto Are We Talking?
Despite no official tally, analysts estimate that businesses exchanged about $119 million in USDT in July alone. That’s not pocket change; it speaks to a private sector plastering a gap that state mechanisms can’t fill.
A Lifeline for the Oil Giant, Too
PDVSA, the state oil company, has been dipping into USDT even before the private sector stepped in. It’s been transitioning some of its sales mechanisms into crypto, adding another layer to the growing de-dollarization of transactions.
Voices from the Trenches
A business owner who asked to stay anonymous summed it up best:
“When one operation closes, others open.” It’s not just poetic, it’s reality. And as one analyst quietly predicts, USDT use isn’t slowing down; it’s gearing up.
For Venezuelans trying to buy food, pay rent, import raw materials, or keep factories humming, cryptocurrencies like USDT are not flashy; they’re functional. With inflation and bolívar devaluation biting hard, stablecoins provide a lifeline, especially when traditional banking channels are hampered or unavailable.
Venezuela’s embrace of USDT might seem unconventional, but when the dollar faucet is turned off, survival demands ingenuity. The private sector’s shift to cryptocurrency isn’t just a workaround; it’s a fast-evolving strategy to hold the economy accountable to itself, in the face of crippling sanctions. Expect to see more creative and perhaps surprising ways businesses adapt.
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