Inflation in Venezuela Reaches 229% Annual Rate, USDT and Other Stablecoins Become Popular Payment Tools Among the Population

BlockBeats News, September 7th, according to Cointelegraph, as Venezuela's annual inflation rate soared to 229%, stablecoins such as USDT have become the de facto currency for millions of Venezuelans.

Ledn co-founder Mauricio Di Bartolomeo stated that USDT, once limited to users familiar with cryptocurrency and locally known as "Binance Dollar," is now widely used for everyday payments in Venezuela, ranging from buying groceries, paying apartment management fees, to salary and supplier payments.

Venezuela's national currency, the Bolivar, has almost no practical use in daily commerce. Rampant inflation, strict capital controls, and a fractured exchange rate system have led more and more people to prefer using stablecoins rather than cash or local bank transfers.

Di Bartolomeo stated: "Individuals and companies are more willing to price goods and services in dollars and receive dollars." He pointed out that USDT is now considered the "better dollar."