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.