The state oil company of Venezuela, PDVSA, has been preparing to increase the use of stablecoin Tether (USDT) aiming to export crude oil and fuel oil. The measure comes after the United States' decision to reimpose sanctions on the country, de according to information published by Reuters.
Citing sources familiar with the matter, on April 22, the report confirmed Venezuela's plan to accelerate adoption of the USDT stablecoin following US sanctions.
According to the publication, the US Treasury Department last week set a deadline of May 31 for PDVSA's customers and suppliers to end their transactions under a general license that was not renewed due to the lack of electoral reforms.
With this determination, it will become more difficult for Venezuela to increase oil production and exports, considering that companies will have to wait for some individual authorizations granted by the USA so that they can do business with the country.
It is worth noting that, since 2023, Venezuela's state oil company has been slowly transferring oil sales to Tether (USDT), the largest stablecoin on the market. At the time of publication, the price of Tether was quoted at US$1,00, down 0.1% in the last 24 hours. Currently, the cryptocurrency's market capitalization is $109.878.401.523.
Tether restructuring as a company aims to go beyond stablecoins
Tether, issuer of the largest stablecoin in the USDT market, announced, on April 18, a restructuring in the company aiming at the introduction of new divisions that go beyond stablecoin development. In its official announcement, the broadcaster disclosed the launch of a new structure introducing four new business divisions, which include Tether Data, Tether Finance, Tether Power and Tether Edu.
According to the company, by announcing this new business structure, Tether will direct the following business divisions towards its broader mission of building an unstoppable, future-proof world: Tether Data – Strategic Technology Investments Division; Tether Finance – Digital Asset Services Division; Tether Power – Bitcoin Mining and Sustainable Energy Division; Tether Edu – Digital Education and Advancement Transformation Division.
