In the context of the sanctions imposed by the United States, Venezuela has explored alternatives to operate outside the conventional financial system. One of these options could be the use of stablecoins linked to the dollar. Although there is no official confirmation, rumors are circulating that the Central Bank of Venezuela (BCV) may be considering the use of these stable cryptocurrencies to manage funds, particularly in transactions related to the oil sector.

However, this strategy carries a significant risk: centralized stablecoin issuing companies have the authority to **block or freeze funds** if they receive requests from regulatory entities such as the Office of Foreign Assets Control (OFAC) of the U.S. This is because these stablecoins, despite operating on blockchain networks, **are not decentralized**. Issuing companies can directly intervene in smart contracts and limit access to certain wallets.

It is important to highlight that, by mid-2025, more than **2.9 billion dollars** in centralized stablecoins had been frozen due to illicit activities or government mandates. It is also recalled that in 2023 more than 160 digital addresses associated with these stablecoins were blocked.

Experts in cryptocurrencies warn that **holding the private keys of a centralized stablecoin wallet does not guarantee absolute control**, as issuing companies can intervene without direct access. This poses a dilemma for Venezuela: **to depend on an asset controlled by an entity subject to the laws of the country that imposes the sanctions**.

Moreover, the transparency of some stablecoin issuing companies is questioned, as they have not presented thorough public audits confirming that all their coins are backed by real dollars.

Although some analysts believe that the BCV does not have the necessary infrastructure to officially use stablecoins, there is a possibility that officials or intermediaries are using them unofficially. In such a case, the risk would fall on individuals, not directly on the State.

On the other hand, **the use of stablecoins among Venezuelan citizens and businesses has experienced accelerated growth**. With a cumulative inflation of 85% in 2024, many people use them as a store of value and means of payment. In instant messaging groups, bolívars are exchanged for these digital coins at rates very close to the dollar. Even some oil companies have begun to pay salaries in stable cryptocurrencies due to the scarcity of traditional currencies.

The economist Asdrúbal Oliveros describes this phenomenon as a profound transformation of the Venezuelan financial system. However, it is crucial to point out that, while stablecoins offer practical solutions amidst the crisis, **their centralized control represents a strategic risk**. As a user expressed on social media: "It's like trusting the keys to your home to a stranger and hoping they don't decide to change the lock."

Gate, as a cryptocurrency exchange platform, recommends users to be informed about the risks associated with the use of centralized stablecoins and to consider more decentralized alternatives to protect their digital assets.