The use of the stablecoin USDT has significantly increased in Venezuela, transitioning from a savings tool to an essential means in corporate and government operations.
Expansion of USDT Usage in Corporate and State Operations
The Central Bank of Venezuela has increased the use of stablecoins to facilitate payments to private companies. This shift is driven by logistical needs and restrictions on access to foreign currency. Petróleos de Venezuela (PDVSA) has already begun conducting part of its oil transactions in USDT, simplifying settlements complicated in dollars or euros.
Training Workers to Use Digital Wallets
Companies operating in the oil sector have started paying salaries in USDT, especially in regions where access to physical foreign currency is limited. Employers are training workers to set up digital wallets, allowing these payments to circulate in everyday financial transactions.
Challenges in Converting USDT to Dollars
Economist Asdrúbal Oliveros describes the current situation as a profound transformation, driven not by belief in digital assets, but by the pragmatism of sanctions and operational constraints. The primary challenge lies in converting USDT into liquid dollars in bank accounts without triggering transaction rejections. 'The real challenge lies not in owning USDT, but in converting it into liquid dollars,' he notes.
Thus, Venezuela is witnessing changes in its financial system as the use of USDT becomes an important tool amid economic instability and restrictions. However, there remain numerous challenges related to regulation and the conversion of stablecoins into traditional currencies.
