According to The Wall Street Journal, after 2020, Venezuela, in order to evade U.S. sanctions, required the state-owned oil company Petróleos de Venezuela, S.A. (PdVSA) to settle some oil transactions using the stablecoin Tether (USDT), making it one of the tools for sanctions evasion; at the same time, under long-term currency depreciation and capital controls, USDT has also been widely used by ordinary citizens for cross-border remittances, savings, and daily payments. Stablecoins in the region exhibit a dual nature of "a tool for livelihood and sanctions evasion." Tether stated that it complies with sanctions and cooperates with U.S. law enforcement to freeze involved addresses.