tldr; Venezuela collects 80% of its crude oil sales revenue in Tether’s USDT, as revealed by economist Asdrubal Oliveros. The country uses stablecoins to sustain its oil economy amidst U.S. sanctions, which have been in place since 2019. Oil production has risen to 1 million barrels per day, with most revenue coming from China. However, Venezuela faces challenges in liquidating its stablecoin holdings due to regulatory controls. Despite sanctions, the country’s GDP grew from $102.38 billion in 2023 to $119.81 billion in 2024.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
luckyknight216 on
Trump: “Drug money. We need to confiscate it immediately to stop the narco-terrorists”
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Did I hear OIL? 🦅🦅🦅🦅🇺🇸🇺🇸🇺🇸
tldr; Venezuela collects 80% of its crude oil sales revenue in Tether’s USDT, as revealed by economist Asdrubal Oliveros. The country uses stablecoins to sustain its oil economy amidst U.S. sanctions, which have been in place since 2019. Oil production has risen to 1 million barrels per day, with most revenue coming from China. However, Venezuela faces challenges in liquidating its stablecoin holdings due to regulatory controls. Despite sanctions, the country’s GDP grew from $102.38 billion in 2023 to $119.81 billion in 2024.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Trump: “Drug money. We need to confiscate it immediately to stop the narco-terrorists”
USDT can be frozen though