In Venezuela "the USDT dominates the market" 🇻🇪📊. According to the CEO of CryptoBuyer, Eleazar Colmenares, almost half of the cryptocurrency transactions in Venezuela are conducted with USDT. Colmenares mentioned in an interview that 47% of transactions with crypto assets under $10,000 in 2024 were made with stablecoins. 📈
The reasons for the adoption are due to high inflation, the devaluation of the bolívar, and the scarcity of physical currencies, which are the main drivers of USDT adoption. Venezuelan individuals and companies look to USDT as a store of value and a tool for payments and remittances 💰🌍. There has been an integration into the economy, and the use of USDT has even extended to some companies in the oil-rich country. As a way to circumvent international sanctions and logistical issues 🤝. A growing number of retail businesses, including supermarkets, are also accepting cryptocurrencies as a means of payment.