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USDt Replaces Venezuela’s Bolívar as Inflation Hits 229%
The post USDt Replaces Venezuela’s Bolívar as Inflation Hits 229% appeared on BitcoinEthereumNews.com. 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. There are currently three rates for the US dollar in Venezuela. The official Central Bank rate (BCV) is 151.57 bolívars per USD, the parallel market rate is 231.76, and the USDt rate on Binance is 219.62. USDt’s liquidity and reliability make it the most used rate among vendors and consumers. “People and companies prefer to price their goods and services in USD, and receive payment for the same in USD,” Di Bartolomeo said. He noted that USDt now functions as both a better dollar and a financial equalizer across social classes. Related: Venezuela’s crypto adoption surges amid inflation and currency collapse Venezuela ranks #9 in per capita crypto use According to Chainalysis’ 2025 Global Crypto Adoption Index, Venezuela ranks #18 globally and #9 when adjusted by population. Stablecoins accounted for 47% of all Venezuelan crypto transactions under $10,000 in 2024, and overall crypto activity rose 110% last year. Venezuela ranked 18th globally for crypto adoption. Source: Chainalysis Di Bartolomeo said that even routine expenses like condo fees, security services, and gardening are now quoted and paid in stablecoins. From small bodegas to mid-sized businesses, USDt has replaced fiat cash as the settlement…
The post USDt Replaces Venezuela’s Bolívar as Inflation Hits 229% appeared on BitcoinEthereumNews.com.
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. There are currently three rates for the US dollar in Venezuela. The official Central Bank rate (BCV) is 151.57 bolívars per USD, the parallel market rate is 231.76, and the USDt rate on Binance is 219.62. USDt’s liquidity and reliability make it the most used rate among vendors and consumers. “People and companies prefer to price their goods and services in USD, and receive payment for the same in USD,” Di Bartolomeo said. He noted that USDt now functions as both a better dollar and a financial equalizer across social classes. Related: Venezuela’s crypto adoption surges amid inflation and currency collapse Venezuela ranks #9 in per capita crypto use According to Chainalysis’ 2025 Global Crypto Adoption Index, Venezuela ranks #18 globally and #9 when adjusted by population. Stablecoins accounted for 47% of all Venezuelan crypto transactions under $10,000 in 2024, and overall crypto activity rose 110% last year. Venezuela ranked 18th globally for crypto adoption. Source: Chainalysis Di Bartolomeo said that even routine expenses like condo fees, security services, and gardening are now quoted and paid in stablecoins. From small bodegas to mid-sized businesses, USDt has replaced fiat cash as the settlement…
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