Expansion of real-life payments centered on USDT
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In a report released on the 14th, blockchain analytics firm TRM Labs stated that Venezuela's macroeconomic instability and continued pressure from international sanctions are likely to further increase its citizens' reliance on cryptocurrencies. The report analyzed that the combination of heightened tensions between the United States and Venezuela, the depreciation of the bolivar, and deteriorating financial accessibility is leading to stablecoins becoming established as stores of value and mediums of exchange.
TRM Labs also pointed to the uncertainty of the regulatory environment as a factor driving the proliferation of cryptocurrencies. The report explained that the uncertainty surrounding the authority and enforcement capabilities of Venezuela's cryptocurrency regulator, SUNACRIP, and the erosion of trust in the traditional banking system are leading citizens to turn to stablecoins as an alternative financial instrument. The report predicted that "unless there are substantial changes in the macroeconomic situation and a consistent regulatory oversight framework is established, the role of digital assets, particularly stablecoins, will continue to expand."
According to Chainalysis's Cryptocurrency Adoption Index for this year, Venezuela ranked 18th in global adoption. However, considering its population size, Venezuela's ranking rose to ninth, demonstrating a high level of practical use.
The report analyzed peer-to-peer transactions as a core pillar of the Venezuelan cryptocurrency ecosystem. With a lack of reliable domestic banking channels, Venezuelans are actively utilizing services that allow them to transfer Tether (USDT) or convert it into fiat currency through intermediaries. Analysis of Venezuelan IP addresses by TRM Labs revealed that over 38% of all site visits were concentrated on a single global platform offering peer-to-peer transactions.
TRM Labs assessed that this phenomenon "significantly increases cryptocurrency accessibility in Venezuela's banking-poor environment." They explained that despite some reported service outages, cryptocurrency and fiat currency transactions through platforms supporting unofficial payment systems continue. They also added that local platforms offering mobile wallets and banking integrations optimized for local users are also playing a crucial role.
The report emphasized that Venezuela's cryptocurrency industry originated not from speculative reasons but from a survival strategy. The analysis suggests that the current ecosystem was formed by a combination of nearly a decade of economic collapse, international sanctions, and state-level digital financial experiments. In particular, among stablecoins, Tether is a key tool used across household and commercial transactions. Despite concerns about regulatory compliance and sanctions evasion, the report concluded that most transactions are driven by practical necessity, not criminal activity.
"For Venezuelans, stablecoins are already serving as an alternative to retail banking," TRM Labs said. "They are becoming a core infrastructure that enables everyday economic activities such as salary payments, family remittances, supplier payments, and cross-border purchases."
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
