Analysis: Venezuela's high inflation rate has led to stablecoins such as USDT becoming the local "de facto currency"

As Venezuela's annual inflation rate soared to 229%, stablecoins such as USDT have become the "de facto" currency in the financial system for millions of Venezuelans. Locals are said to refer to Bitcoin as the "Binance Dollar," while the national currency, the Bolivar, has largely disappeared from daily commercial activities. Hyperinflation, strict capital controls, and a polarized exchange rate landscape have led people to increasingly prefer stablecoins over cash or local bank transfers. From small grocery stores to medium-sized businesses, USDT has replaced fiat cash as the preferred settlement method. (Cointelegraph)