Venezuelan Oil Firm Eyes Tether as Lifeline Amid Renewed US Sanctions

Venezuela's state-owned oil company, PDVSA, reportedly plans to leverage Tether (USDT) to evade recent U.S. sanctions. Tether's dollar peg and ease of use make it an attractive option for PDVSA to hedge against frozen foreign bank accounts. The move reflects the growing adoption of cryptocurrency as a potential workaround for sanctions and financial restrictions.

Venezuela Explores Tether as Lifeline Amidst Renewed Sanctions

CARACAS, Venezuela - Amidst renewed sanctions imposed by the United States, Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA), is reportedly seeking refuge in Tether (USDT), the world's largest dollar-pegged stablecoin, as a means of circumventing the financial restrictions.

According to Reuters, PDVSA is actively exploring the integration of USDT into its operations as a hedge against the potential freezing of its foreign bank accounts. This move underscores Venezuela's growing reliance on cryptocurrencies as traditional banking channels become increasingly inaccessible.

However, Tether has declined to comment on the matter, leaving the specifics of the arrangement between Tether and PDVSA shrouded in uncertainty.

Furthermore, Reuters reports that PDVSA employs intermediaries when trading cryptocurrencies in an attempt to obscure on-chain transactions, highlighting the company's efforts to conceal its crypto activities.

Shiba Inu Raises $12 Million for Privacy-Focused Blockchain

In a significant development, Shiba Inu, the popular Ethereum-based ecosystem, has successfully raised $12 million in a token sale round to fund the development of its privacy-focused blockchain.

The token sale, conducted by Shiba Inu Mint S.A., an ecosystem development firm incorporated in Panama, attracted a consortium of notable investors, including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, and Hercules Ventures.

The proceeds from the sale will be utilized to develop TREAT, the upcoming utility and governance token for the new blockchain network.

FalconX Unveils Prime Brokerage Service for Institutions

FalconX, a leading cryptocurrency trading firm, has introduced a novel prime brokerage service tailored to meet the evolving needs of institutional investors.

Known as Prime Connect, the service offers a comprehensive suite of features, including direct access to exchanges, regulated bankruptcy-remote custody, post-trade settlement, institutional-grade credit, and portfolio margining.

Deribit, the world's largest crypto options exchange, has become the first exchange to integrate FalconX's prime broking and custody solution.

Chart of the Day: Yield on U.S. Treasury Note Soars, Risk Assets at Risk

The yield on the two-year U.S. Treasury note has surged to nearly 5%, marking its highest level since mid-November.

Analysts note that if the yield sustains this elevated level, it could trigger a sell-off in risk assets, including stocks and cryptocurrencies, as investors seek refuge in safer investments.

Disclaimer:

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