Analysis: Venezuela's high inflation rate has led to stablecoins like USDT becoming the local "de facto currency."

ChainCatcher news, as Venezuela's annual inflation rate skyrockets to 229%, stablecoins like USDT have become the "de facto" currency for millions of Venezuelans in the financial system.

It is said that locals refer to Bitcoin as "Binance Dollar," while the country's currency, the bolívar, has virtually disappeared from daily commercial activities. Hyperinflation, strict capital controls, and a fragmented exchange rate landscape have led people to increasingly prefer stablecoins over cash or local bank transfers. From small grocery stores to medium-sized enterprises, USDT has replaced fiat cash as the local preferred settlement method.