Venezuela | Crypto

Venezuela turns to USDT as hyperinflation bites, with merchants pegging prices to Binance P2P dollar rates. With inflation at 229%, daily prices in Venezuela are set in USDT “Binance dollars,” usually at live P2P rates. Three dollar rates exist (official, parallel and P2P), but merchants mostly follow the P2P quote. The government tolerates dollar-backed crypto in exchanges, though it hasn’t legalized dollarization. Read more

As inflation hits 229%, stablecoins like USDt are overtaking Venezuela’s bolívar for everyday payments, from groceries to salaries. Stablecoins like USDt have become the de facto currency for millions of people navigating a crumbling financial system in Venezuela as the country’s annual inflation rate surges to 229%. Once limited to crypto-savvy users, Tether’s USDt (USDT), often referred to locally as “Binance dollars,” is now widely used across Venezuela for everything from groceries and condo fees to salaries and vendor payments, Mauricio Di Bartolomeo, who fled Venezuela before co-founding Ledn in 2018, told Cointelegraph. The bolívar, Venezuela’s national currency, is largely dead in daily commerce. Hyperinflation, strict capital controls, and a fractured exchange rate landscape drive a growing preference for stablecoins over cash or local bank transfers. Read more

From corner shops to big retailers, Venezuelans are embracing stablecoins as inflation soars and the bolívar loses over 70% of its value. Cryptocurrencies are becoming a core part of the economy in Venezuela as citizens turn to digital assets to shield themselves from a collapsing currency and tighter government controls. From small family stores to large retail chains, shops across the country now accept crypto through platforms such as Binance and Airtm. Some businesses even use stablecoins to pay employees, while universities have begun offering courses dedicated to digital assets. “There’s lots of places accepting it now,” shopper Victor Sousa, who paid for phone accessories with USDt (USDT), told the Financial Times. “The plan is to one day have my savings in crypto.” Read more