Amid the sanctions imposed by the United States, Venezuela has sought alternatives to operate outside the traditional financial system. One of them would be the use of USDT (Tether), a stable cryptocurrency linked to the dollar. Although there is no official confirmation, some reports suggest that the Central Bank of Venezuela (BCV) may be using this stablecoin to move funds, especially in operations related to oil.

However, this strategy presents a significant risk: Tether Limited, the company that issues USDT, has the ability to block or freeze funds if requested by authorities such as the Office of Foreign Assets Control (OFAC) of the U.S. This is because USDT, although it operates on networks like Ethereum or Tron, is not decentralized. The company can directly intervene in smart contracts and restrict access to certain wallets.

In fact, in July 2025, Tether had frozen more than $2.9 billion due to illicit activities or government orders. It is also noted that in 2023 more than 160 digital addresses were blocked. Circle, issuer of USDC (another stablecoin), has done the same in similar cases.

Experts like Daniel Arraez and BTC Andres warn that having the private keys of a USDT wallet does not guarantee total control, as Tether can intervene without the need for direct access. This represents a dilemma for Venezuela: to depend on an asset controlled by a company subject to the laws of the country that sanctions it.

Furthermore, the transparency of Tether is questioned, as it has not presented complete public audits confirming that all USDT are backed by real dollars.

Although some believe that the BCV does not have the operational capacity to officially use USDT, it is possible that officials or intermediaries are using it informally. In that case, the risk would fall on individuals, not directly on the State.

On the other hand, the use of USDT among Venezuelan citizens and companies has grown rapidly. With an accumulated inflation of 85% in 2024, many people use it as a store of value and means of payment. In WhatsApp groups, bolívares are exchanged for USDT at rates very close to the dollar. Even some oil companies have started paying salaries in this digital currency due to the shortage of traditional currencies.

Economist Asdrúbal Oliveros describes this phenomenon as a profound transformation of the Venezuelan financial system. However, the article concludes that, although USDT offers practical solutions in the midst of the crisis, its centralized control represents a strategic risk. As one user said on social media: 'It's like giving the keys to your house to a stranger and expecting them not to change the lock.'

Source: Marianella Vanci

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