According to Reuters, PDVSA is attempting to increase the amount of USDT it uses as a hedge against having its foreign bank accounts seized. The biggest stablecoin based on the US dollar is called Tether.
According to Reuters, PDVSA obfuscates the on-chain trace by exchanging cryptocurrency through middlemen.
As a means of avoiding the dollar, Venezuela started its first cryptocurrency experiment in 2018. However, it never really took off, as no significant exchanges accepted it, and the government decided to end the initiative in the first part of 2024.
April 2024, Cryptoniteuae