A new investigation points out that Venezuela has increasingly depended on cryptocurrencies, while the United States and its allies intensify pressure for a regime change in the country.

After almost ten years of economic isolation, severe sanctions, and financial collapse, digital currencies — especially Tether's USDT stablecoin — have become an essential part of the daily life of Venezuelans, according to a report by TRM Labs.

The document emphasizes that the Venezuelan crypto economy, largely unregulated, has already contributed or can still contribute to the country evading international restrictions.

According to Ari Redbord, former employee of the U.S. Treasury and current director of global policy at TRM, “years of sanctions and the loss of traditional banking services have forced both the government and the economy to seek alternatives.”

Redbord described digital assets as a “double-edged sword”: on one hand, they provide humanitarian relief to a population without access to stable financial systems; on the other, they pose a challenge to the U.S., which seeks to limit the use of cryptocurrencies as a tool for evading sanctions.

Informal crypto trade in Venezuela

The report also highlighted the popularity of peer-to-peer (P2P) trading platforms, which operate with little identification requirement (KYC) and outside the banking system.

TRM identified that a single P2P trading site accounted for 38% of all internet traffic originating from Venezuelan addresses.

According to Redbord, the combination of these informal negotiations, hybrid platforms linked to the banking system and international liquidity, along with rapid transfers of stablecoins across multiple blockchains, creates ideal conditions to escape sanctions.

Regulation and history

Venezuela has SUNACRIP, the cryptocurrency regulatory body, but corruption scandals and internal processes have weakened its ability to control the sector.

The country was a pioneer in adopting blockchain technology, launching in 2018 the Petro — a token linked to oil and mineral reserves — as an alternative to the falling bolívar. However, after years of controversy and political disputes, the Petro was discontinued in 2024.

Growing tension with the U.S.

In recent months, the U.S. government has intensified its confrontation with Caracas. President Donald Trump did not rule out sending troops to overthrow Nicolás Maduro.

On Wednesday (10), the U.S. seized a sanctioned oil tanker off the Venezuelan coast, in a move considered a “serious escalation” in bilateral tensions.