The spread of stablecoins accelerates due to Venezuela's currency crisis, with P2P transactions becoming a new financial infrastructure

In Venezuela, dependence on stablecoins is rapidly increasing amid a decade of economic pressure and geopolitical tensions. According to the latest report from blockchain intelligence firm TRM Labs, the use of USD-pegged stablecoins is expected to further grow as the country’s economic instability continues. The report highlights that hyperinflation of the bolivar and loss of trust in traditional banking systems are pushing citizens toward digital assets.

Venezuela’s Currency Situation and Growing Adoption of Stablecoins

Faced with the threat of war, international sanctions, and the ongoing devaluation of its national currency, stablecoins such as USDT are becoming a routine financial tool in Venezuela. TRM Labs’ report notes that macroeconomic instability, regulatory challenges, and declining trust in banking infrastructure are driving people toward stablecoins.

At the same time, the uncertainty surrounding the regulatory authority SUNACRIP also contributes to citizens’ continued reliance on digital assets. “Unless there is a significant change in Venezuela’s macroeconomic situation or consistent regulatory oversight emerges, the role of digital assets, especially stablecoins, is poised to expand,” the report states.

P2P Transactions Becoming Central to Daily Finance

A notable phenomenon is that over 38% of IP addresses in Venezuela tracked by blockchain intelligence firms access websites offering P2P services. Peer-to-peer transactions and conversions from USDT to fiat currency are emerging as primary services for Venezuelans amid the lack of reliable domestic banking channels.

TRM Labs emphasizes that these platforms play a crucial role in facilitating access to digital assets in low-banking environments. Despite reports of service disruptions, citizens continue to operate through platforms supporting informal payment channels. Local platforms, especially those offering mobile wallets and bank integrations, also play an important role.

Stablecoins Evolving into “Retail Banking Alternatives”

Venezuela’s crypto ecosystem was born out of nearly a decade of economic collapse and international sanctions. For citizens, stablecoins, particularly USDT, now serve as a “retail banking alternative”—driving salary payments, remittances to families, vendor payments, and cross-border purchases in the absence of consistent domestic financial services.

The latest Chainalysis 2025 Crypto Adoption Index ranks Venezuela 18th globally in terms of crypto adoption. However, when adjusted for population size, the country’s rank rises to 9th. This figure illustrates how widespread digital asset adoption is in Venezuela.

Expansion of Implementation by Companies and Educational Institutions

Businesses are accelerating the acceptance of digital assets, with an increasing number of employees receiving salaries in stablecoins. Some universities are beginning to offer courses focused on digital assets, indicating a deepening awareness at the educational level. These developments suggest that Venezuelans continue to adopt stablecoins out of necessity rather than speculation or criminal intent.

Despite concerns over sanctions evasion, digital assets have become an indispensable part of Venezuela’s economic life, and their importance is expected to grow further.