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.

The focus on the stablecoin's crucial role in the country's economy has intensified following the arrest of its leader, Nicolás Maduro.

Faced with U.S. sanctions in 2020, the state-owned company PdVSA began demanding payment in USDT to bypass banking restrictions. According to economist Asdrubal Oliveros, this crypto asset currently accounts for 80% of Venezuela's oil export revenues.

For the population, cryptocurrency has become a safeguard against rampant inflation. Tether CEO Paolo Ardoino noted that over the past decade, the bolívar has depreciated by 99.8% against the dollar. Co-founder of the Ledn service, Mauricio Di Bartolomeo, added that digital dollars are used for everything from haircuts to utility bills.

Adam Zarazinski, head of the analytical firm Inca Digital, predicted further growth in the use of digital assets as citizens seek to preserve their savings while authorities attempt to navigate sanctions.

Iran's Crisis

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

In September, authorities imposed limits on currency storage and purchases: no more than $10,000 in savings and up to $5,000 per person for purchases.

According to analysts from TRM Labs, the Islamic Revolutionary Guard Corps (IRGC) has funneled 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.

The Role of Tether 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 trading and is prepared to assist in tracking funds associated with Maduro's regime.

Data from AMLBot indicates that from 2023 to the end of 2025, the company blacklisted funds totaling approximately $3.3 billion, with $1.75 billion linked to TRON.

On January 11 of this year, the issuer froze an additional $182 million across five wallets on the network.

Tether just froze $182m USDT on Tron across 5 wallets, one of the largest blacklists 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 between these freezes and Venezuela or Iran has not been officially confirmed.

In November, the head of the National Supermarket Association of Venezuela, Italo Atencio, confirmed that Venezuelans regularly use digital assets to pay for goods.

In December, TRM Labs' policy head, Ari Redbord, stated that Venezuela has become a leader in cryptocurrency adoption despite the size of its official economy.