Venezuelans turn to cryptocurrency to cope with inflation, stablecoins account for half of their total cryptocurrency transactions

According to Cryptonews, a recent report suggests that Venezuelans are "turning to cryptocurrency" to cope with inflation rather than relying on the US dollar. Experts say that stablecoin transactions currently account for almost half of Venezuela's total cryptocurrency trading volume.

Venezuelans are increasingly using Bitcoin (BTC) and other cryptocurrencies for convenient transactions, receiving remittances, and "avoiding the impact of Bolivar currency devaluation". Although cryptocurrency exchanges are not regulated, the government "tolerates" their existence because they help bring in foreign exchange.