As of mid-September 2026, the Venezuelan national assembly blocked a bill proposed by opposition lawmaker Antonio Ecarri that aimed to replace the bolívar with the US dollar. The proposal, supported by economist Steve Hanke, faced constitutional objections from the legislature.
Data from 2026 indicates that 65% of retail transactions in Venezuela are already conducted in US dollars. Meanwhile, inflation reached 576% year-on-year by July 2026, leading to a situation where the bolívar has largely lost its function as a currency.
A survey conducted in May 2026 showed that over 50% of the population supports formal dollarization to stabilize prices. However, commercial associations such as ANCE and Consecomercio suggest a bimonetary system as an alternative to maintain monetary sovereignty.
The use of dollar-denominated stablecoins like USDT and USDC has grown in Venezuela as a means to preserve purchasing power. These peer-to-peer platforms address the lack of access to physical US dollars within the formal banking system.
