Venezuela’s Shift to USDT Spurs $17.9 Billion Volume Surge
- In Q1 2026, Venezuela’s retail stablecoin volume reached $17.9 billion.
- 90.2% of listings on Binance‘s P2P platform featured USDT-VES pairs.
- Venezuela became the world’s 17th largest cryptocurrency market in Q1, up from the previous year’s rank of 22nd.
- Economists suggest a national stablecoin to address currency instability and democratize dollar access.
Venezuela has seen significant growth in stablecoin use, particularly USDT, due to economic and political conditions following President Maduro’s removal in January. The reliance on stablecoins is driven by currency instability and limited access to international payment networks.
The shift towards stablecoins has propelled Venezuela into a top global cryptocurrency market, with Binance data showing a dominant preference for USDT-VES trades over other pairs like BTC-Bolivar. (Source)
