WSJ: Venezuela extensively uses USDT to evade sanctions, Tether responds that it will cooperate with international law enforcement

On January 11, according to The Wall Street Journal, Venezuelan President Maduro has helped propel Tether to become the world’s leading stablecoin. USDT is an important tool for the Venezuelan state oil company (Petróleos de Venezuela, or PdVSA) to evade sanctions, used as a settlement currency for oil transactions, and also provides an economic lifeline for Venezuelans suffering from the country’s currency devaluation. A Tether spokesperson responded, stating that Tether complies with all applicable U.S. and international sanctions regulations, works closely with U.S. authorities including the Office of Foreign Assets Control, and regularly assists law enforcement in freezing addresses related to illegal activities or sanctions violations upon legitimate requests.