CDS Crypto News Venezuela’s PDVSA Turns to Tether as Hedge Amid Concerns Over Frozen Bank Accounts
Crypto News

Venezuela’s PDVSA Turns to Tether as Hedge Amid Concerns Over Frozen Bank Accounts

153
Venezuela's PDVSA Turns to Tether as Hedge Amid Concerns Over Frozen Bank Accounts

Venezuela’s PDVSA Turns to Tether as Hedge Amid Concerns Over Frozen Bank Accounts

Reuters has disclosed that PDVSA, Venezuela’s state-owned oil company, is endeavoring to increase its utilization of USDT as a safeguard against the potential freezing of its foreign bank accounts. Tether, the leading dollar-pegged stablecoin globally, appears to be PDVSA’s instrument of choice in this strategy.

As of the time of press, Tether had not provided a response to CoinDesk’s request for comment on the matter.

PDVSA reportedly employs intermediaries in its crypto transactions to obscure the on-chain footprint, according to Reuters.

Venezuela initiated its inaugural foray into the realm of cryptocurrency back in 2018, aiming to circumvent reliance on the US dollar. However, the initiative failed to gain significant traction, with no major exchanges embracing it. Consequently, the government phased out the program in early 2024.

Venezuela's PDVSA Turns to Tether as Hedge Amid Concerns Over Frozen Bank Accounts

Leave a comment

Leave a Reply

Related Articles

USDG Stablecoin: Paxos Teams Up with Robinhood, Kraken, and Galaxy Digital

Paxos has launched the USDG stablecoin, backed by major financial firms like...

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...