Analysis: Venezuela's inflation rate has reached 229%, and USDT has become the local preferred settlement method
2025-09-07 10:48:39
With Venezuela's annual inflation rate soaring to 229%, stablecoins such as USDT have become the "de facto" currency in the financial system for millions of Venezuelans. Locals are said to refer to Bitcoin as "Binance Dollar", while the country's currency, Bolivar, has largely disappeared from daily business activities. Hyperinflation, strict capital controls, and a differentiated exchange rate landscape have made people increasingly prefer stablecoins to cash or local bank transfers. From small grocery stores to medium-sized businesses, USDT has replaced fiat cash as the preferred settlement method in the local area.
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