Stablecoins Gain Popularity in Venezuela Amid Economic Crisis

• TRM Labs predicts further growth in the use of stablecoins in Venezuela.
• The digital asset ecosystem has emerged as a response to economic collapse and sanctions.
• Stablecoins are effectively replacing retail banking services.

After nearly a decade of economic pressure, the use of stablecoins in Venezuela is likely to continue to grow if the country’s macroeconomic situation worsens. This is the conclusion reached by analysts at TRM Labs, a company specializing in analyzing blockchain data.

In the report, the analysts note that rising geopolitical tensions and the ongoing devaluation of the bolivar are increasing demand for stablecoins as a means of preserving value and settlement. An additional factor is the lack of confidence in the traditional banking system.

Uncertainty in the regulation of the crypto market due to the activities of the regulator SUNACRIP also plays its role in the situation.

According to Chainalysis Crypto Adoption Index 2025, Venezuela ranks 18th in the world in terms of cryptocurrency adoption, but rises to ninth place when adjusted for population. This indicates a high intensity of use of digital assets at the household level.

P2P transactions and USDT transactions play a key role in the country. TRM Labs analysts recorded that more than 38% of Venezuelan crypto activity is accounted for by a single global platform providing P2P functionality.

A significant portion of cryptocurrency-to-fiat conversion transactions are carried out through such services, often using informal settlement channels.

Along with global platforms, local solutions also play an important role, experts emphasized. We are talking about wallets with integration with local banks, focused on domestic payments and transfers.

TRM Labs emphasizes that Venezuela’s crypto ecosystem was not formed for speculative reasons. It was, they argue, a response to economic collapse, sanctions pressure and limited access to financial services.

According to the report, for most people in the country, stablecoins actually serve as a retail banking function. They are used to paying salaries, transfers to families, payments to suppliers and cross-border purchases in the absence of a stable financial infrastructure.