BlockBeats news, on September 7, according to Cointelegraph, as Venezuela's annual inflation rate soars to 229%, stablecoins like USDT have become the de facto currency for millions of Venezuelans.

Ledn co-founder Mauricio Di Bartolomeo stated that USDT was once limited to users familiar with cryptocurrency, often referred to locally as 'Binance dollars', and is widely used for everyday payments in Venezuela, from buying groceries and paying apartment management fees to wages and vendor payments.

Venezuela's national currency, the bolívar, has almost no practical use in daily commerce. Hyperinflation, strict capital controls, and a fragmented exchange rate system have led more and more people to prefer using stablecoins instead of cash or local bank transfers.

Di Bartolomeo said: "People and companies are more willing to price goods and services in dollars and receive payment in dollars." He pointed out that USDT is now a "better dollar."