TRM Labs has reported that cryptocurrency usage in Venezuela is largely organic, with stablecoins playing a central role as citizens navigate economic instability and limited access to global payment systems.
The blockchain analytics firm said adoption is primarily driven by everyday financial needs rather than speculation or illicit activity, despite the country’s complex compliance environment.
According to TRM Labs, Venezuela’s crypto ecosystem mirrors trends seen in other inflation-hit economies such as Argentina, where stablecoins function as informal dollar substitutes.
The report found that stablecoins are increasingly used in household spending, commercial transactions and small business operations across the country.
TRM Labs identified persistent macroeconomic instability as a key driver pushing citizens towards digital assets for savings and payments.
Limited trust in domestic banking infrastructure was cited as another major factor accelerating stablecoin usage.
The firm also pointed to growing demand for alternative cross-border payment tools as Venezuelans face restrictions in traditional settlement systems.
“Stablecoins now operate as a substitute for retail banking — facilitating payroll, family remittances, vendor payments, and cross-border purchases in the absence of consistent domestic financial services,” TRM Labs said.
While adoption remains largely legitimate, the report warned that certain structural vulnerabilities could be exploited to bypass unilateral sanctions.
These vulnerabilities include the rapid growth of peer-to-peer crypto transactions across informal networks.
TRM Labs also highlighted the emergence of hybrid fintech models that blend conventional banking services with blockchain-based wallets.
The use of short-lived wallets in cross-border flows was identified as another potential compliance risk within the ecosystem.
The report was released shortly after the United States confiscated a tanker carrying Venezuelan oil, an action described as “piracy” by Venezuelan authorities.
Past investigations have linked some Venezuelan oil sales to stablecoin-based transactions, although no official confirmation has been provided by either side.
TRM Labs noted that sanctions pressure continues to shape both legitimate and high-risk crypto activity in the country.
Despite these concerns, the firm expects stablecoin relevance in Venezuela to continue rising if current conditions persist.
The report concluded that citizens increasingly rely on stablecoins as hedges against inflation and currency devaluation.
In its latest global ranking, TRM Labs placed Venezuela 11th worldwide for stablecoin usage during the first half of 2025.