Stablecoin Adoption in Venezuela Expected to Surge Amid Bolívar Decline: TRM Labs

A recent report from TRM Labs reveals that the use of stablecoins in Venezuela is on the rise due to the country's economic pressures and the declining value of the bolívar. This shift is driven by widespread distrust in traditional banking systems, leading to a growing reliance on digital assets for everyday transactions.

Key Takeaways

The Venezuelan economy's decline and the bolívar's weakening are resulting in an increased adoption of stablecoins, according to TRM Labs.
As faith in banks and regulations dwindles, stablecoins are becoming a popular choice for everyday payments.
Platforms for peer-to-peer (P2P) transactions and USDT are serving as alternative options for retail banking across the country.

These developments indicate a growing dependence on digital currencies for regular financial activities, as confidence in traditional banking continues to deteriorate.

Stablecoin Use in Venezuela Set to Rise as Bolívar Weakens: TRM Labs

Economic Strain and Sanctions Propel Venezuelans Towards Stablecoins

Venezuelans have faced nearly ten years of hyperinflation, sanctions, and limited access to dependable financial services. According to TRM Labs, if the current macroeconomic instability continues, the demand for stablecoins in Venezuela is likely to increase further.

Ongoing geopolitical tensions, particularly between the United States and Venezuela, have intensified this risk. The report highlights that stablecoins are not just being used as a way to store value, but also increasingly function as a means for daily transactions.

Regulatory uncertainty also influences this trend. Many citizens have turned to blockchain-based alternatives due to doubts about the authority of Venezuela’s crypto regulator, SUNACRIP, and ongoing skepticism towards domestic banks.

TRM Labs warns that unless there is a significant change in Venezuela’s macroeconomic environment or the establishment of effective regulatory frameworks, the use of digital assets—especially stablecoins—is expected to grow.

According to the Chainalysis 2025 Crypto Adoption Index, Venezuela ranks 18th globally for cryptocurrency adoption. However, when considering the population size, it ascends to the ninth position, illustrating the extensive integration of crypto usage among everyday people.

Peer-to-peer (P2P) transactions have become vital for financial interactions in Venezuela. TRM Labs found that over 38% of visits from Venezuelan IP addresses to crypto-related websites were directed to a single global platform specializing in P2P trading.

These platforms, alongside conversions from USDT to fiat currencies, effectively cover the gaps left by unreliable local banking systems, despite users experiencing intermittent service issues.

Additionally, local platforms that offer mobile wallets and bank integration designed for Venezuelan users are gaining popularity. TRM Labs indicates that these services create informal settlement channels that facilitate daily commercial activities despite existing infrastructure hurdles.

The report emphasizes that Venezuela's crypto landscape is largely driven by necessity rather than speculative investing. Stablecoins, particularly USDT, are now integral for payroll, remittances, vendor transactions, and cross-border purchases.

Western Union to Introduce Dollar-Backed Stablecoin on Solana

In a related development, Western Union is set to enter the stablecoin market. The company plans to launch the US Dollar Payment Token (USDPT) on the Solana blockchain in the first half of 2026.

Issued by Anchorage Digital Bank, this new token will enable users to transfer money internationally with lower fees and quicker settlement times. As a result, users can reduce their reliance on traditional banking channels and avoid the volatility associated with currency conversions.

Similarly, Visa has announced a pilot program that allows direct payments in Circle’s USDC stablecoin for creators, freelancers, and gig workers around the globe. This initiative aims to make cross-border transactions almost instantaneous while minimizing reliance on conventional banking systems.