Venezuelans rely heavily on blockchain-based services as de facto banking after a decade of economic collapse and international sanctions, and that dependence is likely to grow if macroeconomic conditions deteriorate further, according to a TRM Labs report.
TRM Labs predicts rising demand for stablecoins as both a store of value and a medium of exchange as US–Venezuela tensions, continued bolívar devaluation, and broader geopolitical pressures drive economic instability. Regulatory ambiguity around the country’s crypto regulator, SUNACRIP, and eroding trust in traditional banks could prolong and deepen the population’s reliance on digital assets.
“Absent a material shift in Venezuela’s macroeconomic conditions or the emergence of cohesive regulatory oversight, the role of digital assets — particularly stablecoins — is poised to expand.”
Peer-to-peer (P2P) transfers and USDT-to-fiat conversions have become central services for Venezuelans in the absence of reliable domestic banking channels. TRM Labs tracked Venezuelan IP addresses and found that more than 38% of site visits went to a single global platform offering P2P trading, underscoring that platform’s role in facilitating crypto access within a low-banking environment.
“A significant share of crypto-to-fiat activity is facilitated through platforms supporting informal settlement rails — even amid reports of intermittent service disruptions.” Local platforms that provide mobile wallets and bank integrations tailored to domestic users also play a key role.
Venezuela ranks 18th globally for crypto adoption in Chainalysis’ 2025 Global Crypto Adoption Index, rising to ninth when adjusted for population size. TRM Labs frames the country’s crypto ecosystem as a product of nearly a decade of economic collapse, sanctions pressure, and state experimentation with digital financial alternatives.
Stablecoins, especially USDT, are widely used in household and commercial transactions. Despite concerns around compliance and potential sanction evasion, TRM Labs emphasizes that usage is “overwhelmingly driven by necessity rather than speculation or criminal intent.”
“For most Venezuelans, stablecoins now operate as a substitute for retail banking — facilitating payroll, family remittances, vendor payments, and cross-border purchases in the absence of consistent domestic financial services.”
Absent major economic improvements or clear, enforceable regulatory frameworks, TRM Labs concludes that stablecoin usage in Venezuela is likely to continue expanding as citizens and businesses seek reliable means to store value and transact amid persistent financial instability.
