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Analysis: Venezuela's High Inflation Rate Leads to USDT and Other Stablecoins Becoming Local 'De Facto Currency'
Summary: According to reports, with Venezuela's annual inflation rate soaring to 229%, USDT and other stablecoins have become the 'de facto' currency for millions of Venezuelans in the financial system. Locals refer to Bitcoin as 'Binance Dollar', while the country's currency, the Bolivar, has virtually disappeared from daily commercial activities. Severe hyperinflation, strict capital controls, and ...
According to reports, with Venezuela's annual inflation rate soaring to 229%, USDT and other stablecoins have become the 'de facto' currency for millions of Venezuelans in the financial system. Locals refer to Bitcoin as 'Binance Dollar', while the country's currency, the Bolivar, has virtually disappeared from daily commercial activities. Severe hyperinflation, strict capital controls, and a fragmented exchange rate system have led people to increasingly prefer stablecoins over cash or local bank transfers. From small grocery stores to medium-sized enterprises, USDT has replaced fiat currency as the preferred settlement method locally.
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Link: Analysis: Venezuela's High Inflation Rate Leads to USDT and Other Stablecoins Becoming Local 'De Facto Currency' [Copy]
