Venezuela’s Dollar Drought: Tether Takes the Wheel 🚗💸

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According to local reports, Venezuela liquidated vast sums in USDT than in dollars in September, executing a notable pivot toward stablecoins. This could be one of the first cases of a government using stablecoins as part of public-spending practices. A move as sensible as a penguin in a sauna. 🐧🔥

Analyst: Venezuela USDT Spending Surpassed Dollar Disbursements in September

Venezuela, whose oil industry faces crippling unilateral sanctions from the U.S. government, is reportedly pivoting to stablecoins as part of a new economic strategy. Asdrúbal Oliveros, managing partner at Ecoanalítica, highlighted the move’s relevance given the dollar drought confronting the government. A man whose name sounds like a character from a spy novel, he declared this shift “a significant step forward.” 🤡

On social media, Oliveros revealed the magnitude of this pivot. He stated:

During September, the Venezuelan government made more settlements in USDT than in US dollars, marking a significant shift in the direction of the national exchange rate regime. A shift as stable as a drunken tightrope walker. 🪜🌀

While Oliveros did not disclose sources or volumes behind the claims, he has recently reported on the rise of stablecoins and their use, highlighting the growing relevance of these assets to the country’s economic fabric. One might say he’s chasing the next big thing, which, in Venezuela, is likely to be a banana. 🍌

The increased use of stablecoins by the Venezuelan state is linked to their acquisition via crude sales, as the state-owned oil company PDVSA has allegedly received payments in USDT for these exchanges. A marriage made in hell: crude oil and crypto. 🔥⛽

Oliveros had stated that the state was developing methods that could serve to inject these USDT flows into the local economy. Methods as reliable as a broken compass. 🧭💣

According to Reuters, the central bank would be assigning these resources directly to companies that receive payments in previously approved wallets. However, there has been no official confirmation of these claims. One might say the central bank is as reliable as a weather forecast in a hurricane. 🌩️

In any case, this could be the first time that a country’s economy is managed through USDT disbursements, which could serve as an opportunity to assess the advantages and problems associated with these policies. An opportunity as promising as a broken umbrella in a monsoon. 🌧️☔

Nonetheless, there are dangers associated with these processes, as USDT is a centralized asset and can be frozen at any time. In 2024, when reports about USDT being involved in these oil sales surged, a spokesperson from Tether stated that the company was “committed to working to ensure sanction addresses are frozen promptly.” A statement as reassuring as a priest promising to keep the devil out of the church. 🕊️😈

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2025-09-25 15:38