Venezuela's annual inflation rate reaches 229%, USDT and other stablecoins become a daily payment tool for the public
BlockBeats News, September 7th, according to Cointelegraph, as Venezuela's annual inflation rate soared to 229%, stablecoins such as USDT have become the de facto currency for millions of Venezuelans.
Ledn co-founder Mauricio Di Bartolomeo stated that USDT, once limited to users familiar with cryptocurrency and commonly referred to as the "Binance USD" locally, is now widely used for daily transactions in Venezuela, ranging from buying groceries, paying condo fees, to salary and supplier payments.
Venezuela's national currency, the Bolivar, has almost no practical use in daily commerce. Rampant inflation, strict capital controls, and a fractured exchange rate system have led more and more people to prefer using stablecoins rather than cash or local bank transfers.
Di Bartolomeo commented: "People and companies prefer to price goods and services in dollars and receive dollars." He noted that USDT is now seen as the "better dollar."
You may also like

SBF's little brother turned 225 million into 5.5 billion in one year

In a World of Disruption, How Can Humanities Workers Better Use AI?

Anthropic Open Letter: The Hypocritical Sam Altman, PUA Master

On the same day that Kraken's Fedmaster Account was approved, the banking lobbying group immediately launched a counterattack.

Bitwise: This weekend's attack accelerated the on-chain migration of the financial world

Market Downturn: Which Assets Are Worth Watching?

The real opportunity of stablecoins is not to kill Visa

Trump's AI Farce: Insult if You Don't Pay
US & Canada Crypto Tax Season 2026: Official Tax Reporting Support from WEEX × KoinX
Prepare for US & Canada crypto tax season 2026. Learn how to export your WEEX transaction history and access official reporting support through our partnership with KoinX.

Conversation between Tom Lee and "The Big Short" Author: AI has detected bubble signal, crypto correction due to gold liquidity being "siphoned off"

The true reason for Claude's ban, Kraken accessing the Federal Reserve payment system, What is the English community paying attention to?

「Buying the Dip」 of 400,000 BTC: Is $74,000 a Rebound or a Reversal?

OpenClaw, Another Batch of Middle Class Jobless

Morning News | Backpack will launch on-chain IPO subscription service; Predict.fun strategically acquires on-chain prediction platform Probable; SoFi partners with Mastercard for strategic cooperation

Inventorying the Washington power in the crypto space, who is speaking out for U.S. crypto legislation?

650 million dollars, 1.5 billion dollars, 2 billion dollars, the crypto VC landscape has changed!

Why prediction markets are the largest untapped collateral pool in DeFi
500% XAUT Staking, Zero-Fee Gold Futures and $100K Rewards: Why Traders Are Turning to WEEX for Tokenized Gold
Explore WEEX's $100,000+ gold campaign featuring 500% XAUT staking, zero-fee gold contracts, and $30,000 PAXG rewards. Trade tokenized gold today.