Analysis: Venezuela's inflation rate reaches 229%, USDT becomes the preferred local settlement method
Jinse Finance reported that as Venezuela's annual inflation rate soared to 229%, stablecoins such as USDT have become the "de facto" currency for millions of Venezuelans within the financial system. It is reported that locals refer to Bitcoin as "exchange dollars," while the country's currency, the bolivar, has virtually disappeared from daily commercial activities. Hyperinflation, strict capital controls, and a fragmented exchange rate system have led people to increasingly prefer stablecoins over cash or local bank transfers. From small grocery stores to medium-sized businesses, USDT has replaced fiat cash as the preferred settlement method locally.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Leading RWA tokenization platform Centrifuge has issued some assets on Solana.
Tether to launch US domestic stablecoin USAT, appoints Bo Hines as CEO
Analysis: Suspected Insider Trading in PancakeSwap’s July Trading Competition
A certain whale spent 2.3 million USDC to purchase 3 million ENA.
Trending news
MoreCrypto prices
More








