Venezuela’s Deep Reliance on USDT Shows Both Sides of Crypto Adoption

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In Venezuela, where trust in banks has eroded and the bolívar has lost much of its value, USDT has become deeply embedded in everyday life. Citizens reportedly use the stablecoin to pay for services ranging from haircuts to home maintenance, often preferring crypto wallets over traditional bank accounts.

However, USDT is also reportedly used by Petroleos de Venezuela to settle oil payments and bypass sanctions. In response, Tether has worked with U.S. authorities to blacklist billions of dollars in suspicious wallets, underscoring the challenge of balancing financial freedom with enforcement.

[chainsniff]

blacklisting billions sounds huge but it still feels like whack-a-mole