Recent reports suggest that the United States may seize cryptocurrencies held by the Venezuelan government, involving sanctions-related provisions. According to public reports, the Venezuelan government has attempted to bypass financial restrictions imposed by the US dollar through the stablecoin Tether—this reflects a reality: in the context of increasingly strict global sanctions frameworks, stablecoins are becoming tools for various parties to circumvent traditional financial controls.

This case is quite interesting. On one hand, it demonstrates that stablecoins indeed have advantages in cross-border transfers and avoiding foreign exchange controls; on the other hand, US regulators' ability to track and freeze crypto assets is also improving—on-chain transactions are supposed to be "immutable," but they can ultimately be influenced by political forces.

For traders, this serves as a reminder of a well-known but often overlooked risk: even if assets are on-chain, they are not immune to real-world regulatory constraints. The security of stablecoins largely depends on the policy stance of the country where the issuing institution is located.