Venezuelans already rely heavily on blockchain technology for banking after suffering a decade of economic stress. However, usage will likely proceed to extend as conditions worsen within the South American country, says blockchain intelligence firm TRM Labs.
As regional and geopolitical tensions proceed to rise, driven partly by US-Venezuela tensions, leading to macroeconomic instability and continued devaluation of the Bolívar,
The TRM Labs team predicted in a report on Thursday that demand for stablecoins as a store of value and medium of exchange will increase.
At the identical time, regulatory ambiguity and ongoing uncertainty regarding the country's crypto regulator, SUNACRIP, authority and enforcement capability, in addition to declining trust in traditional banking infrastructure, could delay population dependency and result in greater usage.
“Without a major change in Venezuela’s macroeconomic conditions or the emergence of coherent regulatory oversight, the role of digital assets – particularly stablecoins – is predicted to extend.” Source: TRM Labs
According to the Chainalysis 2025 Crypto Adoption Index report, Venezuela ranks 18th on this planet in cryptocurrency adoption, but when adjusted for population size, its rank rose to ninth.
Peer-to-peer transactions are a vital service for Venezuelans
According to TRM Labs, peer-to-peer (P2P), transfers from one person to a different through an intermediary, and USDT (USDT) to fiat conversion have turn into the important services that Venezuelans use within the absence of reliable domestic banking channels.
The blockchain intelligence firm tracked Venezuelan IP addresses and located that greater than 38% of website visits occurred on a single global platform that provides P2P trading capabilities, underscoring its “role in facilitating crypto access in Venezuela’s weak banking environment.”
“A significant slice of crypto-to-fiat activity is facilitated by platforms that support informal settlement rails – even within the face of reports of intermittent service disruptions.”
“Local platforms also play a key role, particularly those that supply mobile wallets and banking integrations suitable for domestic users,” the team added.
Venezuela’s crypto industry was born out of desperate need
Venezuela's crypto ecosystem is ultimately the product of nearly a decade of economic collapse, pressure from international sanctions and government experimentation with digital financial alternatives, the TRM Labs team said.
Stablecoins, particularly USDT, play a vital role in budgetary and business transactions in Venezuela, and despite concerns about compliance and sanctions evasion, stablecoins remain “driven predominantly by necessity slightly than speculation or criminal intent.”
“For most Venezuelans, stablecoins now function a substitute for retail banking – facilitating payroll, family remittances, payments to suppliers, and cross-border purchases within the absence of unified domestic financial services.”
