The Wall Street Journal: Venezuela’s oil exports heavily use USDT, Tether emphasizes strict compliance with international sanctions regulations
PANews, January 11—According to The Wall Street Journal, Tether’s rise as the world’s leading stablecoin was partly influenced by Maduro, as Tether has become an important tool for Petróleos de Venezuela (PdVSA), the Venezuelan state oil company, to circumvent sanctions. It is used as a settlement currency for oil transactions and has provided an economic lifeline for Venezuelans suffering from the sharp devaluation of their national currency, the bolívar.
A Tether spokesperson responded that the company complies with all applicable U.S. and international sanctions regulations, works closely with U.S. authorities including the Office of Foreign Assets Control, and regularly assists law enforcement in freezing addresses associated with illegal activities or sanctions violations upon legitimate request.
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