According to ChainCatcher, Venezuelans are turning to cryptocurrencies to combat inflation rather than relying on the U.S. dollar. Experts say that stablecoin transactions account for almost half of all cryptocurrency transactions in Venezuela.
Venezuelans are increasingly using bitcoin and other cryptocurrencies to make transactions easier, receive remittances and circumvent the devaluation of the bolivar. Although cryptocurrency exchanges are unregulated, the government tolerates their existence because they help bring in foreign exchange.