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Stablecoins like Tether’s USDt have become the everyday money for millions in Venezuela, where inflation is ripping at an annual rate of 229%. What once felt like a niche tool for crypto insiders is now so common it’s called “Binance dollars” in local markets.

From groceries and condo fees to salaries and vendor payments, USDt is now the go-to. As Mauricio Di Bartolomeo (a Venezuelan who left before co-founding Ledn in 2018) put it: “People and companies prefer to price in USD, and get paid in USD.”

Meanwhile, the bolívar is practically extinct in commerce. Hyperinflation, heavy capital controls, and Venezuela’s broken exchange-rate system have pushed citizens toward stablecoins. Vendors and consumers rely on the Binance USDt rate — sitting around 219.62 bolívars per dollar — far more than the official central bank rate of 151.57 or the parallel market’s 231.76.

More Than Just Payments

USDt isn’t just a survival tool — it’s now a financial equalizer across social classes. Reliable, liquid, and stable, it’s functioning as a better dollar than the dollar itself.

Venezuela’s Crypto Footprint

Venezuela ranks #18 globally and #9 per capita in Chainalysis’ 2025 Global Crypto Adoption Index. In 2024, 47% of all Venezuelan crypto transactions under $10,000 were stablecoins, while overall crypto activity surged 110%.

Stablecoins have clearly become the lifeline of a broken economy — and in Venezuela, the story is only getting bigger.
In Venezuela, stablecoins like USDt have gone from niche to normal. Mauricio Di Bartolomeo, co-founder of Ledn, says even everyday expenses — condo fees, security services, gardening — are now quoted and paid in digital dollars. From small bodegas to mid-sized businesses, USDt has become the settlement method of choice, overtaking fiat cash completely.

Larger state-run companies still stick to the Central Bank’s official exchange rate, but most of the market has moved to the “Binance dollar” because of its liquidity and ease of use.

Capital Controls and Parallel Markets

Government-imposed capital controls have fueled Venezuela’s fractured currency system. Official dollar allocations often end up in the hands of regime-connected firms, who resell at parallel rates for profit. This has pushed people deeper into stablecoin markets.

“Capital controls create a parallel market for cash and stablecoins, as economic actors refuse to accept the worthless local currency,” Di Bartolomeo explained. “If they do accept bolívars, they quickly flip them into USDt or dollars to preserve value.”

Crypto Rises Where Fiat Fails

This story isn’t unique to Venezuela. In Argentina, Turkey, and Nigeria, locals are turning to stablecoins as inflation spirals and governments tighten currency restrictions.

In Venezuela, the trend accelerated after the latest round of US sanctions targeting the oil sector. According to Di Bartolomeo, even some local banks have started experimenting with stablecoins as a workaround.

A Shift in the Financial Map

Stablecoins are no longer just a crypto tool. In Venezuela, they’ve become the backbone of daily commerce, bridging gaps between broken fiat, capital controls, and real financial needs. The bolívar may be dead, but digital dollars are very much alive.$BTC
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