Venezuela’s state-run oil firm PDVSA is gearing up to increase the use of the Tether stablecoin for exporting crude and fuel oil, as the U.S. has recently decided to reimpose sanctions on the country, Reuters reported Monday, citing sources familiar with the matter. 

Reuters reported last week that the Biden administration would not renew a license that eased oil sanctions on Venezuela after President Nicolas Maduro failed to measure up to his election promises. The U.S. Treasury gave PDVSA customers and providers to wind down transactions until May 31, according to a Reuters report.

PDVSA’s move towards USDT aims to minimize the risk of oil sale profits being frozen in overseas bank accounts due to U.S. sanctions, knowledgeable sources told Reuters. The company has reportedly been …