January 6, 2026
From a macroeconomic perspective, the implications of US military action in Venezuela include potentially larger US deficits, increased regionalization of political and economic power (โspheres of influenceโ), and an oil supply windfall. For financial markets, larger deficits could put downward pressure on the US dollar and drive further steepness in the yield curve (especially if the Fed were to cut rates in response to lower oil prices). We stress, however, that the outlook remains fluid as of this writing.
From a crypto perspective, the key element to watch is the potential longer-term implications for stablecoin adoption. Why? Because Venezuela is a large user of stablecoins (especially Tetherโs USDT), both at the government level as well as in the private sector. We are keeping an eye on how adopters react as events unfold on the ground. Further descriptions to Venezuelaโs monetary and financial systems could result in rising demand for stablecoins as a store of value and transaction medium.
Key Takeaway: The outlook for Venezuela remains fluid, but we are keeping a close eye on the following: potential US dollar weakness and a steeper curve, as well as the impact on stablecoin adoption.
Tether is the largest stablecoin by market capitalization.
Past performance does not guarantee future results.
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