Stablecoins as a lifeline: Venezuelans flock to USDT amid crisis
TL;DR Summary
Amid political turmoil and hyperinflation in Venezuela, residents rushed to convert bolívares into USDT to preserve savings, send remittances, and pay for goods. The surge in demand pushed USDT prices above $1 on some exchanges, highlighting liquidity gaps and risks, while analysts note stablecoins can act as a real-time safety rail in unstable economies—and potentially increase capital outflows that pressure the local currency.
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- From the turmoil between Venezuela and Iran, see how stablecoins have become a "second currency system." ChainCatcher
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