Venezuela’s dependence on US-dollar pegged stablecoins could deepen amid a new threat of war, ongoing sanctions and the hyperinflation of the bolívar.
Earlier this week, the US Department of Defense deployed its most advanced aircraft carrier to the Caribbean near Venezuela, as President Donald Trump signaled plans to conduct military strikes against drug cartels operating throughout the South American country.
Trump has accused Venezuelan cartels of smuggling illicit substances into the US, fueling an opioid and narcotics epidemic. Venezuelan President Nicolás Maduro has dismissed the claims, pleading with Trump to refrain from starting a war.
JUST IN: 🇻🇪🇺🇸 Venezuelan President Nicolas Maduro says he does not want war with the United States.
“No crazy war…please, please, please.” pic.twitter.com/d3XwzEiGsY
— BRICS News (@BRICSinfo) October 24, 2025
It could spell even more financial instability for everyday Venezuelans, who rely on stablecoins like Tether (USDT) to prevent their hard-earned savings from evaporating amid triple-digit inflation in the bolívar.
Stablecoins, or what many Venezuelans refer to as “Binance dollars,” have also become widely used in everyday payments as US dollar reserves across the country have dwindled.
The Venezuelan government has also resorted to stablecoins to facilitate oil trade with its allies, including Russia, with which it formalized a strategic partnership on Monday.
The New York Times reported last Sunday that Maduro has managed to “rewire Venezuela’s economy to stablecoins” and arguably made it the first nation to manage a large share of its public finances in crypto.
Stablecoins, The New York Times reported, “now account for up to half of the hard currency that enters the Venezuelan economy legally.”
Venezuela ranks fourth in LATAM crypto adoption
The triple-digit inflation and sanctions have contributed to Venezuela ranking as the fourth largest crypto country in Latin America by value received at $44.6 billion from July 2024 to June 2025, crypto analytics platform Chainalysis reported earlier this month.
It only trailed Brazil, Argentina and Mexico, which all have larger populations than Venezuela.
One Venezuelan politician uses crypto to protect her assets
One of the most notable adopters of crypto in Venezuela is Maria Corina Machado, a former Venezuelan presidential candidate who uses Bitcoin (BTC) to protect her assets from being seized.
She was awarded the Nobel Peace Prize earlier this month for her fight to restore democracy in Venezuela and her peaceful resistance against Maduro’s authoritarian regime.
For the first time in history, the Nobel Peace Prize was awarded to a Bitcoiner.
Congratulations to Maria Corina Machado, and also to @HRF who continues to explain to the world what is so obvious to so many-
Bitcoin IS human rights pic.twitter.com/92cHOieeEb
— Jeff Park (@dgt10011) October 10, 2025
Related: Javier Milei’s crypto-friendly party wins Argentine midterm
Nearly 8 million Venezuelans have fled the country due to hyperinflation, food and medicine shortages and public disorder since Maduro came into power in 2013.
Many lost access to their bank accounts, forcing citizens to turn to crypto and stablecoins like USDT to preserve value and transfer whatever wealth they had out of Venezuela.
Magazine: Cliff bought 2 homes with Bitcoin mortgages: Clever… or insane?
