Venezuela is increasingly relying on US-dollar pegged stablecoins, particularly Tether (USDT), to combat hyperinflation and economic instability exacerbated by ongoing sanctions and the threat of war. The US Department of Defense recently deployed its most advanced aircraft carrier near Venezuela, as President Donald Trump signaled potential military strikes against drug cartels in the region, heightening tensions. Venezuelan President Nicolás Maduro has pleaded for no war, while the government has integrated stablecoins into its economic strategy, using them for international trade, including oil deals with allies like Russia.
Stablecoins now account for up to half of the hard currency entering the Venezuelan economy legally, according to The New York Times, making Venezuela the first nation to manage a significant portion of its public finances through cryptocurrency. From July 2024 to June 2025, Venezuela received $44.6 billion in crypto, ranking it as the fourth-largest crypto-adopting country in Latin America, per Chainalysis data. This adoption is driven by triple-digit inflation in the bolívar, which has prompted citizens to use stablecoins—often called "Binance dollars"—for daily transactions and wealth preservation.
Notably, former presidential candidate Maria Corina Machado, who recently won the Nobel Peace Prize for her democratic efforts, uses Bitcoin to shield her assets from government seizure. Despite nearly 8 million Venezuelans fleeing the country due to economic collapse, those remaining rely on crypto and stablecoins like USDT as a safer alternative to traditional banking, highlighting the critical role of digital assets in financial stability.
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