Venezuelans have already come to depend heavily on blockchain-based tools for everyday financial activity after enduring years of economic stress. According to blockchain intelligence firm TRM Labs, this reliance is likely to deepen if economic and political conditions in the country continue to deteriorate.

In a report published Thursday, TRM Labs pointed to rising regional and geopolitical tensions, including ongoing friction between the United States and Venezuela, as drivers of macroeconomic instability and further depreciation of the bolívar. Under such conditions, the firm expects demand for stablecoins to increase, both as a way to preserve value and as a practical means of payment.

At the same time, unclear regulation and continued uncertainty around the authority and enforcement capacity of Venezuela’s cryptocurrency regulator, SUNACRIP, combined with declining trust in the traditional banking system, could reinforce long-term dependence on digital assets.

“Absent a material shift in Venezuela’s macroeconomic conditions or the emergence of cohesive regulatory oversight, the role of digital assets — particularly stablecoins — is poised to expand.”

Peer-to-peer crypto fills banking gaps

Venezuela already ranks 18th globally for crypto adoption, according to the Chainalysis 2025 Crypto Adoption Index, and rises to ninth place when adjusted for population size. TRM Labs notes that peer-to-peer transactions and conversions between USDT and local currency have become essential services in a country where access to reliable banking remains limited.

By tracking Venezuelan IP addresses, the firm found that more than 38% of visits were directed to a single global platform offering peer-to-peer trading, highlighting its importance in enabling access to cryptocurrency in a low-banking environment. “A significant share of crypto-to-fiat activity is facilitated through platforms supporting informal settlement rails — even amid reports of intermittent service disruptions.”

TRM Labs added that domestic platforms also play a meaningful role, particularly those providing mobile wallets and bank integrations tailored to local users.

Crypto adoption driven by necessity, not speculation

According to the report, Venezuela’s crypto landscape has emerged largely out of necessity after nearly a decade of economic collapse, international sanctions and repeated state-led experiments with alternative financial systems. Stablecoins, especially USDT, have become embedded in both household and commercial activity.

Despite ongoing concerns around compliance and sanctions evasion, TRM Labs emphasized that stablecoin usage in Venezuela is largely practical in nature rather than speculative or illicit.

“For most Venezuelans, stablecoins now operate as a substitute for retail banking — facilitating payroll, family remittances, vendor payments, and cross-border purchases in the absence of consistent domestic financial services.”

Sources:

https://www.trmlabs.com/resources/blog/understanding-venezuelas-crypto-landscape-amid-global-tensions

https://cointelegraph.com/news/venezuela-crypto-reliance-stablecoins-economic-crisis