Headline: Венесуэла и Иран переходят на USDT: Как криптовалюта становится спасением в условиях санкций Translation: Venezuela and Iran Shift to USDT: How Cryptocurrency Becomes a Lifeline Amid Sanctions

Experts commented to the WSJ that USDT has become a primary means for Venezuelan state companies to circumvent oil sanctions and a survival tool for ordinary citizens in the country.

The arrest of the nation’s leader, Nicolás Maduro, has brought attention back to the critical role of the stablecoin in the country’s economy.

Faced with US sanctions in 2020, the state oil company PdVSA began demanding payments in USDT to bypass banking restrictions. According to economist Asdrúbal Oliveros, this cryptocurrency now accounts for 80% of Venezuela’s oil export revenues.

For the population, cryptocurrency has become a safeguard against rampant inflation. Tether CEO Paolo Ardoino pointed out that over the last decade, the bolívar has depreciated by 99.8% against the dollar. Mauricio Di Bartolomeo, co-founder of the Ledn service, added that digital dollars are used for everything from haircuts to utility bills.

Adam Zrazinski, head of the analytical firm Inca Digital, predicted a continued increase in the use of digital assets, as citizens seek to protect their savings while authorities attempt to navigate around sanctions.

A similar scenario is occurring in Iran. Amidst protests and the depreciation of the rial, citizens are increasingly turning to USDT on the TRON network to secure their savings.

In September, the authorities imposed limits: individuals can hold a maximum of $10,000 and purchase up to $5,000.

Analysts from TRM Labs reported that since 2023, the Islamic Revolutionary Guard Corps (IRGC) has moved over $1 billion through British shell companies Zedcex and Zedxion.

Babak Zanjani, previously accused of laundering oil revenues, played a pivotal role in these schemes.

According to the WSJ, Tether is actively cooperating with US authorities. The stablecoin issuer has already frozen dozens of wallets linked to Venezuelan oil trading and is prepared to assist in tracking funds related to Maduro’s regime.

As stated by AMLBot, the company blacklisted funds totaling around $3.3 billion between 2023 and the end of 2025, with $1.75 billion originating from TRON.

On January 11 of this year, the issuer froze an additional $182 million across five wallets on the network.

Currently, there is no official confirmation linking the freezes to Venezuela or Iran.

It is worth noting that in November, Italo Atensio, head of the National Supermarket Association of the country, confirmed that Venezuelans regularly use digital assets to pay for goods.

In December, Ari Redbord, head of policy at TRM Labs, reported that Venezuela has become a leader in cryptocurrency adoption, despite the size of its official economy.