According to Foresight News , citing the Wall Street Journal, Tether has become a crucial tool for Venezuela's state-owned oil company (Petróleos de Venezuela, PdVSA) to circumvent sanctions. Tether's stablecoins are used as settlement currencies in oil transactions, providing an economic lifeline for Venezuelans suffering from the collapse of the bolivar. Cryptocurrency analysts believe that Maduro's arrest and removal from the Venezuelan presidency are unlikely to weaken Tether's influence in Venezuela, as the country's hyperinflation problem remains severe.
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 related to illegal activities or sanctions violations upon legitimate request.
