Chainalysis announced in its 2025 Global Crypto Adoption Index that Venezuelans are increasingly relying on stablecoins, particularly Tether's USDt, commonly referred to as "Binance dollars" locally. This shift comes as inflation accelerates and the bolívar continues to weaken.
According to Cointelegraph, digital currencies have become integral to daily life in Venezuela. Businesses of all sizes now accept stablecoins through platforms like Airtm and Binance for retail shopping, salaries, and even university fees. The crypto shift intensified after the bolívar lost over 70% of its value following the government's withdrawal of support in October 2024, prompting citizens and businesses to seek dollar-pegged alternatives.
Fastbull reports that Venezuela ranked 13th globally in the 2024 Chainalysis Crypto Adoption Index, experiencing a 110% year-over-year increase in usage. Stablecoins such as USDT have become essential for purchases, payroll, and person-to-person transfers due to currency instability and limited banking access. Hyperinflation and escalating financial pressures have driven a broad migration toward digital assets.
CryptocurrencyWire highlights that in 2023, Venezuela received $5.4 billion in total remittances, with approximately $461 million (9 percent) sent via cryptocurrency platforms. Venezuelan families increasingly use crypto instead of traditional providers like Western Union, benefiting from faster, lower-cost access to funds while avoiding high fees and delays associated with conventional transfers.
Binance is a global digital asset exchange founded in 2017 that offers infrastructure for blockchain operations and cryptocurrency trading. According to WIRED, it holds regulatory licenses in more countries than any other exchange. Its regulatory footprint is a central element in its positioning as a trusted provider in international crypto markets.