Venezuela is reportedly settling close to 80% of its crude oil export revenues using cryptocurrencies, primarily the USDT stablecoin, as traditional payment channels remain constrained by international sanctions.
Local economist Asdrubal Oliveros said the widespread use of stablecoins has become a central element of the country’s oil policy as it seeks to sustain exports under restrictive financial conditions.
According to Oliveros, the reliance on digital assets has intensified over the past year as oil production recovered to more than one million barrels per day despite ongoing geopolitical pressures.
The most direct link this year to the crypto sector comes from there because ultimately, almost 80% of oil revenue is being collected in cryptocurrencies, in stablecoins.
Asdrubal Oliveros said.
He explained that the integration of stablecoins reflects the challenges Venezuela faces in accessing international banking systems due to unilateral sanctions imposed by the United States.
Oliveros warned that while stablecoins have enabled oil sales to continue, they have also created significant operational challenges for the Venezuelan administration.
He noted that the government is struggling to liquidate and distribute large volumes of digital assets within the domestic economy.
This is causing a bottleneck in the foreign exchange market, and that, well, puts pressure on demand, drives up the price, and that’s why we have to be very cautious.
Asdrubal Oliveros stated.
Venezuela’s oil sector is estimated to generate more than $12 billion in annual revenue, with the majority of exports reportedly destined for China.
Analysts say the scale of stablecoin usage in such a strategic industry highlights the growing liquidity and acceptance of digital dollar-pegged assets in global trade.
The situation also underscores how stablecoins are increasingly being used as alternative settlement tools in commodity markets when conventional payment systems are inaccessible.
The Venezuelan oil industry recently returned to global headlines following renewed enforcement of sanctions originally introduced under the Trump administration.
Venezuelan officials have described these measures as a form of economic piracy that complicates trade and financial operations.
Market observers believe that if sanctions persist and political negotiations remain stalled, the proportion of oil revenues settled in USDT could rise further.
Economists suggest Venezuela may become a prominent example of a resource-based economy increasingly dependent on stablecoin inflows to sustain government finances.