Expert: 80% of Venezuela’s Oil Revenue Comes in USDT

USDT is vital for Venezuelan oil revenue and citizen survival, experts say.

USDT has become the primary tool for Venezuelan state companies to circumvent oil sanctions and a means of survival for ordinary citizens, experts told WSJ.

Attention to the key role of the stablecoin in the country’s economy was renewed with the arrest of its leader, Nicolás Maduro.

Facing U.S. sanctions pressure in 2020, the state company PdVSA began demanding payment in USDT to bypass banking restrictions. According to economist Asdrúbal Oliveros, the crypto asset currently accounts for 80% of Venezuela’s oil export revenues.

Tether is actively cooperating with U.S. authorities. The stablecoin issuer has already frozen dozens of wallets linked to Venezuelan oil trade and is ready to assist in tracking the Maduro regime’s funds.

For the population, cryptocurrency has become a shield against rampant inflation. Tether CEO Paolo Ardoino noted that over the past 10 years, the bolivar has depreciated by 99.8% against the dollar. Ledn co-founder Mauricio Di Bartolomeo mentioned that digital dollars are used to pay for everything from haircuts to utilities.

Adam Zarazinski, head of the analytics firm Inca Digital, predicts further growth in the use of digital assets as citizens protect their savings and authorities attempt to circumvent sanctions.

Crisis in Iran

A similar situation has unfolded in Iran. Amid protests and the devaluation of the rial, citizens are increasingly turning to USDT on the TRON network to safeguard their savings.

In September, authorities imposed limits: holding no more than $10,000 and purchasing up to $5,000 per person.

According to analysts at TRM Labs, the Islamic Revolutionary Guard Corps (IRGC) has moved over $1 billion through British shell companies Zedcex and Zedxion since 2023.

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

Tether’s Role and Freezes

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

Data from AMLBot indicates that from 2023 to the end of 2025, the company blacklisted assets worth about $3.3 billion, with $1.75 billion on TRON.

In January of this year, the issuer froze another $182 million across five wallets on the network.

Tether just froze $182m USDT on Tron across 5 wallets, one of the largest blacklist I can remember.

Expecting another DOJ press release thanking Tether soon, like for previous large cases.

To put in context, this is higher than all USDC frozen to date.https://t.co/7MR5K0oKfK pic.twitter.com/kgsiqbYaYD

— Googly 👀 (@0xG00gly) January 11, 2026

The connection of the freeze to Venezuela or Iran has not yet been officially confirmed.

Back in November, the head of the National Association of Supermarkets, Italo Atencio, confirmed that Venezuelans regularly use digital assets for purchases.

In December, TRM Labs’ head of policy, Ari Redbord, reported that Venezuela ranked among the leaders in cryptocurrency adoption, despite the size of its official economy.