Venezuela’s government is quietly allowing the use of dollar-pegged cryptocurrencies in private-sector currency exchanges as U.S. sanctions squeeze oil revenues and reduce the flow of foreign currency.
U.S. restrictions on oil exports, described by Caracas as “economic war,” have made it harder for businesses to access dollars. Companies seeking raw materials must often exchange bolivars for dollars sourced from oil trade and foreign card transactions, which the central bank injects into the market.
But with oil revenues down, access to dollars has become limited.
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Since June, authorities have permitted wider use of USDT (Tether), a stablecoin pegged to the U.S. dollar, according to financial and private-sector sources. Businesses with approved digital wallets can buy USDT through select banks in exchange for bolivars, then use it to pay domestic or foreign suppliers.
“The use of crypto is keeping the economy moving despite sanctions,” said one business owner.
State oil company PDVSA has already shifted some sales into USDT since last year. Analysts estimate that $119 million in cryptocurrencies were sold to the private sector in July alone.
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By comparison, the central bank injected about $2 billion into the exchange market in the first seven months of 2025 — 14% less than a year earlier. Oil exports also fell by about 10% in July, further tightening dollar supply.
“The exchange market always has a ceiling,” said ruling-party lawmaker Orlando Camacho. “Businesses must also guarantee foreign exchange through their exports.”
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
