WSJ: Venezuelan state oil company uses Tether to evade sanctions, Tether says it complies with international sanctions regulations

Foresight News reported, according to The Wall Street Journal, that Tether has become an important tool for Petróleos de Venezuela (PdVSA), Venezuela's national oil company, to circumvent sanctions. The stablecoin issued by Tether is being used as a settlement currency for oil transactions and has also provided an economic lifeline for Venezuelans suffering from the sharp devaluation of the country's currency, the bolívar. Cryptocurrency analysts believe that the arrest and removal of Maduro from the presidency of Venezuela is unlikely to weaken Tether's influence in the country, as the problem of hyperinflation remains severe.

A spokesperson for Tether responded by stating that the company 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 sanction violations in response to legitimate requests.