Venezuela's annual inflation rate has reached 229%, and USDT and other stablecoins have become daily payment tools for the public.

On September 7, according to Cointelegraph, as Venezuela's annual Inflation rate surged to 229%, stablecoins like USDT have become the de facto currency for millions of Venezuelans. Ledn co-founder Mauricio Di Bartolomeo stated that USDT was once limited to users familiar with Crypto Assets and is commonly referred to locally as "CEX dollars". It is now widely used for everyday transactions in Venezuela, from buying groceries and paying apartment management fees to salary and vendor payments. The national currency of Venezuela, the bolívar, has practically no real function in daily commerce. Hyperinflation, strict capital controls, and a fragmented Exchange Rate system have led more people to prefer using stablecoins instead of cash or local bank transfers. Di Bartolomeo remarked, "People and companies are more willing to price goods and services in USD and receive payments in USD." He noted that USDT is now seen as "a better dollar."