On Monday, the U.S.-based stablecoin company Reserve announced it would be suspending the deposit and withdrawal of local currency in Venezuela, where it has around 500,000 users, along with five other Latin American countries.
The decision reflects the growing difficulty that U.S. crypto firms face in offering financial services, although Reserve executive Gabriel Jiménez said the company is working to build a more sustainable operating model in Latin America, including securing a key license from the U.S. Treasury Department.
