PANews reported on September 7 that according to Cointelegraph, as Venezuela's annual inflation rate soared to 229%, stablecoins such as USDT have become the "de facto" currency in the financial system of millions of Venezuelans. Locals reportedly call Bitcoin the "Binance Dollar", and the country's currency, Bolivar, has basically disappeared in daily business activities. Hyperinflation, strict capital controls and differentiated exchange rate patterns have made people increasingly inclined to use stablecoins rather than cash or local bank transfers. From small grocery stores to medium-sized enterprises, USDT has replaced legal cash as the preferred local settlement method.