Stablecoin Usage Surges in Venezuela Amid Dollar Shortage

The economic woes facing Venezuela have led to a surge in the use of stablecoins as an alternative means of payment. The decline in US dollar supply from Venezuela's central bank has made it difficult for companies, especially mid-sized and small businesses, to secure foreign currency.

As a result, businesses are increasingly turning to stablecoins like Tether (USDT) to pay suppliers and transfer funds. In fact, the trading volume of USDT in Venezuela's over-the-counter market surpassed $70 billion in 2025, accounting for more than 80% of all crypto activity.

State-owned oil company PDVSA is also using stablecoins to settle a significant portion of its crude export proceeds. This is seen as a response to the US sanctions that have restricted access to traditional dollar payment channels.