Amazon Gold Smuggling Turns to USDT for Payments

TLDR A new report links the illegal Amazon gold trade to USDT payments in Venezuela. Traders now use USDT to settle cross-border gold deals outside traditional banking systems. Researchers found that Venezuela has become a central hub for illicit gold from Brazil and Guyana. Criminal networks control mining zones and transport routes across the Amazon region. Tether said it cooperates with law enforcement and has frozen $4.2 billion tied to crime. A new report has identified cryptocurrency payments in illegal gold trades across the Amazon Basin. The Global Initiative Against Transnational Organized Crime found that traders now use USDT to settle cross-border gold deals. The group said this shift links digital assets with illicit commodity flows in Venezuela and neighboring states. Stablecoins Enter the Amazon Gold Trade The report states that traders in Venezuela now accept USDT for illegally mined gold. Researchers found that gold from Brazil and Guyana enters Venezuela for resale. They said Venezuela has become a central destination for illicit Amazon gold. For decades, traffickers moved Venezuelan gold outward to nearby countries. However, researchers now see gold flowing into Venezuela instead. They attribute this reversal to economic decline, sanctions, and falling oil revenue. Analysts said Venezuela expanded gold mining to offset lost income. They reported that political and military networks control mining zones and transport routes. They added that criminal groups manage cross-border supply chains. The organization stated that some traders sell Guyanese gold directly for USDT. Researchers said stablecoins offer price stability for commodity payments. They explained that USDT maintains a peg to the U.S. dollar. Traders favor USDT because it settles transactions within minutes. They also use digital wallets to move funds across borders without banks. Researchers said this system bypasses sanctions and banking restrictions. The report said USDT converts eas...