Stablecoins Increasingly Used as Currency in Venezuela as Inflation Soars

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Venezuelans are turning to stablecoins like USDT, locally dubbed the “Binance dollar,” to navigate the country’s worsening inflation crisis. Annual inflation rose from 94% in 2024 to 229% in 2025. 

Hyperinflation fears are contributing to a wider adoption of the USDT, which is pegged to the more stable US dollar. The stablecoin, according to Cointelegraph, is reportedly being used for everything from groceries and apartment fees to salaries and vendor payments.

While the Central Bank of Venezuela posts an official exchange rate of 151.57 bolívares per USD, the parallel market trades at 231.76, and the Binance USDT rate stands at 219.62, with USDT the most popular option among consumers and merchants.

Stablecoins have effectively become a stable backbone for daily economic activity, with stores and service providers often pricing and settling payments in USDT.

Movements toward stablecoins are common in countries experiencing high levels of inflation. Turkey, for example, has experienced high levels of inflation (32.95%) and has the highest level of stablecoin purchases relative to GDP. 

According to Chainalysis, Venezuela ranks 18th in the world for crypto adoption, with overall crypto activity jumping 110% year-over-year.