Venezuelans are increasingly turning to stablecoins, particularly Tether’s USDt, often referred to locally as "Binance dollars," to navigate the challenges of inflation and the decline of the bolívar. This trend was highlighted in Chainalysis’ 2025 Global Crypto Adoption Index.
According to reports, Venezuelan citizens have adopted stablecoins and cryptocurrency platforms as a response to severe economic instability and a rapidly devaluing national currency. Inflation in Venezuela reached 229 percent in May 2025, and the bolívar lost over 70 percent of its value after the government ended official support in late 2024. These shifts have contributed to expanded digital currency usage across retail and personal finance sectors.
AInvest reported that Venezuela ranked thirteenth globally for cryptocurrency adoption with a 110 percent increase in usage over the past year. Venezuelans are using stablecoins for everyday transactions, including purchases and wage payments. The depreciation of the bolívar has driven greater reliance on digital assets for value storage and payment processing across both formal and informal economic channels.
According to 101 Blockchains, Venezuela is among developing nations experiencing substantial growth in cryptocurrency adoption due to inflation and limited financial infrastructure. In 2023, an estimated $461 million worth of Venezuela’s $5.4 billion in remittance inflows was sent through cryptocurrency channels. This figure represents nine percent of all remittances and illustrates the increasing role of crypto in international money transfers.
Binance is a major global cryptocurrency exchange founded in 2017, offering trading, blockchain infrastructure, and compliance solutions. According to WIRED, the company has emerged as the most regulated exchange globally, securing regulatory approvals in more jurisdictions than its competitors. This emphasis on compliance and multi-jurisdictional licensing supports its broader mission to protect users and foster trust in the digital asset ecosystem.