Chainalysis has announced in its 2025 Global Crypto Adoption Index that Venezuelans are increasingly turning to stablecoins, notably Tether’s USDt, amid persistent inflation and a weakening bolívar. The stablecoin is informally known as “Binance dollars.”
According to Sumsub, stablecoins—especially USDT—are now widely used in Venezuela for various transactions, including groceries, apartment fees, service payments, and salaries. Hyperinflation fears have made USDT central to daily commerce, with businesses quoting prices and settling transactions in stablecoins pegged to the US dollar.
The Financial Times highlights that crypto usage in Venezuela grew by 110 percent in the twelve months leading up to June 2024. The country ranked 13th globally in the Chainalysis 2024 adoption index. Cryptocurrency is being used for everyday purchases, business transactions, and salaries due to currency instability and challenges within traditional banking systems.
Coinlaw reports that by mid-2025, approximately 10.3% of Venezuelan citizens owned some form of cryptocurrency—one of the highest rates globally. This adoption is attributed to the need for efficient and cost-effective alternatives for payments, asset preservation, and remittances amidst ongoing inflation and economic disruptions.
Binance is a leading global cryptocurrency exchange founded in 2017. It offers services in asset trading, compliance, and blockchain deployment. According to WIRED, Binance has received regulatory approval in more jurisdictions than any of its peers. This compliance model supports its expansion and user protection protocols across international markets.
