“Binance dollars” replace Venezuela’s bolívar as inflation hits 229%

As inflation hits 229%, stablecoins like USDt are overtaking Venezuela’s bolívar for everyday payments, from groceries to salaries.

Stablecoins like USDt have become the de facto currency for millions of people navigating a crumbling financial system in Venezuela as the country’s annual inflation rate surges to 229%.

Once limited to crypto-savvy users, Tether’s USDt (USDT), often referred to locally as “Binance dollars,” is now widely used across Venezuela for everything from groceries and condo fees to salaries and vendor payments, Mauricio Di Bartolomeo, who fled Venezuela before co-founding Ledn in 2018, told Cointelegraph.

The bolívar, Venezuela’s national currency, is largely dead in daily commerce. Hyperinflation, strict capital controls, and a fractured exchange rate landscape drive a growing preference for stablecoins over cash or local bank transfers.

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