First quarter of 2025
The economic sanctions imposed by the United States and several European countries have severely limited Venezuela's access to the global financial system. This has forced citizens, businesses, and even the State to seek decentralized alternatives, with cryptocurrencies, particularly USDT (Tether), being a viable and growing solution.
USDT as a refuge against devaluation
The bolívar continues to suffer from chronic inflation, making USDT a common refuge due to its parity with the dollar. By early 2025, USDT has become a currency for everyday purchases, savings, peer-to-peer (P2P) payments, and remittances, especially among merchants, freelancers, and independent workers.
Impact of sanctions
Sanctions have blocked traditional channels for trade, transfers, and international financing. In response, the use of cryptocurrencies has intensified:
The government has resorted to using crypto assets for some international operations, although with limitations.
The population has migrated to P2P platforms to acquire USDT instead of using restricted financial institutions.
Evolution of the crypto ecosystem in Venezuela
Venezuela ranks among the countries with the highest adoption of cryptocurrencies in Latin America.
An informal educational and commercial ecosystem has developed around the use of crypto assets.
The closure of the Petro did not stop this evolution; on the contrary, it freed up space for more functional solutions like USDT.
The trend suggests a deepening use of USDT as an alternative 'digital dollar' and cryptocurrencies as a way to navigate currency controls, hyperinflation, and sanctions. The growth of wallets, crypto ATMs, and merchants accepting USDT continues to increase, although security and regulatory challenges persist.
