Venezuelans have increasingly turned to blockchain technology for banking solutions after enduring a decade of economic challenges; the reliance is expected to grow if conditions in the South American nation deteriorate, according to blockchain intelligence firm TRM Labs.
As geopolitical tensions escalate, particularly between the US and Venezuela, leading to economic instability and continued devaluation of the bolívar,
the TRM Labs team predicts in a report released Thursday that the demand for stablecoins as a store of value and a means of exchange will likely increase.
Additionally, ongoing regulatory uncertainty regarding the crypto regulator SUNACRIP’s authority and enforcement abilities, along with diminishing trust in traditional banking systems, may prolong the public’s reliance on cryptocurrencies and further drive their usage.
“Without a significant change in Venezuela’s macroeconomic landscape or the introduction of cohesive regulatory measures, the significance of digital assets — especially stablecoins — is set to grow.”
According to the Chainalysis 2025 Crypto Adoption Index report, Venezuela ranks 18th globally for crypto adoption, climbing to 9th when adjusted for population size.
Peer-to-peer transactions a key service for Venezuelans
Peer-to-peer (P2P) transfers—transactions between individuals facilitated by an intermediary—along with USDT (USDT) to fiat conversions, have become essential services for Venezuelans due to unreliable domestic banking systems, as stated by TRM Labs.
The blockchain intelligence firm monitored Venezuelan IP addresses and identified that over 38% of visits were to a single global platform that provides P2P trading features, highlighting its “role in enabling crypto access within Venezuela’s low-banking environment.”
“A considerable portion of crypto-to-fiat transactions is conducted via platforms that support informal settlement methods—even amid sporadic service disruptions.”
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“Local platforms also play a critical role, especially those that offer mobile wallets and bank integration tailored for domestic users,” the team noted.
Venezuela’s crypto industry created out of desperate necessity
The country’s crypto landscape has emerged as a result of nearly a decade of economic decline, international sanctions, and state-led experiments with digital financial solutions, according to the TRM Labs team.
Stablecoins, particularly USDT, are crucial for household and business transactions in Venezuela; despite concerns about compliance and sanction evasion, their use is “overwhelmingly driven by necessity rather than speculation or criminal intentions.”
“For many Venezuelans, stablecoins effectively serve as a substitute for retail banking—enabling payroll, family remittances, vendor payments, and cross-border purchases in the absence of stable domestic financial services.”
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