Key Takeaways:
- Ecoanalitica proposes a stablecoin to fix local dollar shortages, driving future Venezuelan bank integration.
- Surging adoption since 2025 bypasses the Central Bank, making stablecoins vital for future SME dollar access.
- In October, R&D, Conexus, processing 40% of transfers, announced work on a stablecoin settlement system.
Ecoanalítica Proposes Venezuelan Stablecoin to Solve Dollar Woes
As the Venezuelan economy faces headwinds because of the currency controls and the exclusion of small and medium enterprises from the dollar assignment system, cryptocurrencies can be part of the solution to these issues.
In a recent note, Alejandro Grisanti, founder and CEO of Ecoanalitica, an economic consulting firm, highlighted the advantages of issuing a stablecoin to help correct dollar distribution issues derived from the implementation of an auction system that allows different exchange rates for the greenback.
Grisanti proposes “the implementation of a system based on stablecoins integrated into the formal financial system, subject to strict regulation and featuring AML/KYC compliance mechanisms,” in addition to the controlled import of cash to allow small and medium-sized companies without banking accounts in the U.S. to operate using dollars in the local market.
Grisanti’s proposal suggests the issuance of a dollar stablecoin specially designed for the country, which would feature traceability, operational control, and shared auditing with international partners.
For him, such a system would be a good complement to the current auction system, which uses private and state banks as distributors, democratizing the assets to foreign currency to excluded systems, reducing the allure of arbitrage and speculation, and also strengthening the transparency of the foreign currency transactional system.
While there is no official dollarization, the Venezuelan economy has experienced a de facto dollarization process that ramped up stablecoin adoption since 2025, with exchange rates far higher than the official one set by the Central Bank of Venezuela. Grisanti’s proposal, if adopted, might precede the inclusion of stablecoins as part of the banking transactional system, potentially allowing for stablecoins settlements between banks.
In October, Rodolfo Gasparri, president of Conexus, which intermediates 40% of the country’s electronic transfers, stated that a stablecoin-based settlement system was in the early stages of research and development. Nonetheless, no news about this system has been shared since.
