Venezuela, one of the world's most struggling economies, has seen a significant decline in the use of its national currency. With inflation over 200% per year, stablecoins like USDT have become the primary currency for many citizens.
Currency Situation in the Country
In a country with high inflation, many residents are using stablecoins to pay for groceries, rent, and even salaries. Local transactions increasingly occur not in bolívars but in stablecoins.
Popularity of Binance and Stablecoins
The official exchange rate set by Venezuela's central bank is 151 bolívars per U.S. dollar. However, many citizens rely on rates provided by Binance or in the parallel market, which are significantly higher. Stablecoins turn out to be a more reliable means of exchange.
The Paradox of Cryptocurrency Stability
Unlike warnings about cryptocurrency volatility, in Venezuela, they have become the most stable option. For many families, using USDT is the only way to plan their expenses.
While stablecoins do not solve Venezuela's economic issues, they provide potential solutions for conducting trade in circumstances where traditional means of exchange have lost their functionality.
