A Venezuelan economist has proposed the creation of a national stablecoin pegged to the U.S. dollar as part of a broader effort to loosen the country’s currency controls and widen access to hard currency. The proposal comes from Alejandro Grisanti, founder and chief executive of economic consultancy Ecoanalitica, who argues that blockchain-based dollar instruments could help fill the gaps left by Venezuela’s existing foreign-exchange distribution system.
According to the report, the idea is not to replace the current auction-based mechanism outright, but to complement it. In practice, a regulated stablecoin integrated into the official financial system could provide an alternative route for sectors that remain excluded from conventional dollar access, particularly small and medium-sized businesses that lack U.S. banking relationships.
A Response to Venezuela’s Dollar Access Problem
Venezuela’s economy has long struggled with the distortions created by foreign-exchange controls, uneven access to dollars, and a fragmented currency market. Grisanti’s proposal is framed as a response to these frictions. He suggested implementing a stablecoin-based system integrated into the official financial sector, subject to strict regulation and equipped with AML/KYC compliance mechanisms. He also linked the idea to controlled cash inflows, indicating that the plan would work alongside existing channels rather than in isolation.
The central goal is to make dollar access more practical for businesses that are effectively shut out of the current setup. Under the auction system, both private and state-owned banks act as distributors of foreign currency. But that arrangement does not fully serve all market participants, especially smaller firms that need access to dollar liquidity for payments, inventory purchases, or cross-border commercial activity.
By using blockchain rails, the proposed national stablecoin could create a more direct and traceable means of distributing dollar-linked value inside the domestic economy. Grisanti reportedly believes such a system could democratize access to foreign-currency assets, reduce the incentives for arbitrage and speculation, and improve transparency in currency transactions.
Designed for Oversight, Traceability, and Formal Integration
The proposed instrument would be a country-specific dollar stablecoin built for Venezuela’s financial environment. Rather than presenting stablecoins as a parallel or informal market tool, Grisanti’s concept places them squarely within the regulated financial system. The report says the token would be designed with traceability, real-time oversight, and joint auditing with international partners.
That detail is important because it speaks to one of the main policy tensions around stablecoins in emerging markets: they can widen access and improve settlement efficiency, but they also raise concerns related to capital controls, compliance, monitoring, and financial stability. By emphasizing operational control and auditability, the proposal attempts to position a national stablecoin as a policy-compatible instrument rather than a challenge to state oversight.
In other words, this is not being presented as a censorship-resistant retail crypto alternative. It is being framed as a supervised digital dollar channel that could function inside the country’s formal monetary and banking architecture.
Stablecoins Gain Ground Amid De Facto Dollarization
Although Venezuela has not officially dollarized, the report notes that the country has undergone a long-running process of de facto dollarization. That trend has intensified demand for dollar-linked instruments, especially as exchange-rate distortions and local-currency depreciation continue to pressure households and businesses.
The article says stablecoin adoption has accelerated since 2025, a period during which exchange rates available in practice were well above the official rate set by the Central Bank of Venezuela. In such an environment, stablecoins increasingly function as a practical bridge between the domestic economy and dollar liquidity, especially where conventional banking channels are limited, slow, or inaccessible.
That makes the proposal politically and economically significant. Rather than treating stablecoins as an external crypto phenomenon, Grisanti appears to be arguing that they have already become relevant enough in Venezuela that policymakers should build a formal framework around them. If adopted, the proposal could mark a shift from informal use toward regulated incorporation.
Potential Path Toward Banking and Interbank Settlement
One of the more notable implications of the proposal is that it could pave the way for stablecoins to become part of the banking transaction system itself. The report suggests that, if accepted, the initiative might precede the inclusion of stablecoins in bank transaction infrastructure, potentially allowing interbank settlements using stablecoins.
That would represent a meaningful evolution. In many jurisdictions, stablecoins are primarily discussed in the context of trading, remittances, or merchant payments. In Venezuela’s case, the conversation appears to be extending toward wholesale financial plumbing: settlement, banking integration, and formal institutional use. Such a move would significantly elevate the role of blockchain-based dollars from a workaround used at the edge of the economy to a tool embedded in financial operations.
Whether that happens will depend on regulation, infrastructure readiness, and political willingness. But the fact that the proposal explicitly connects stablecoins to official banking channels suggests that the debate is moving beyond adoption at the consumer level.
Conexus Research Signals Existing Industry Interest
The broader context also matters. The report notes that in October, Rodolfo Gasparri, president of Conexus, said the company was in the early research and development stages of a stablecoin-based settlement system. Conexus is a major part of Venezuela’s domestic payments infrastructure and reportedly handles 40% of the country’s electronic transfers.
That figure gives the Conexus effort particular significance. If a company responsible for such a large share of transaction flow is actively studying stablecoin settlement, it suggests the concept already has traction at the infrastructure level. At the same time, the report adds that no further public updates have emerged since that announcement, leaving the status of the project unclear.
Even so, the reference to Conexus shows that stablecoins are not being discussed only by crypto advocates or outside observers. They are also being examined by participants tied to the country’s payment rails and institutional transaction systems.
Why the Proposal Matters
At its core, Grisanti’s proposal reflects a broader reality facing economies under currency stress: when businesses and consumers need reliable access to dollar-linked value, digital instruments can become attractive faster than policy frameworks can adapt. In Venezuela, where exchange controls, dollar scarcity, and currency depreciation have coexisted for years, stablecoins are increasingly being seen as a functional answer to an old problem.
The proposal does not guarantee implementation, and the report contains no indication that Venezuelan authorities have adopted it. But it does show how stablecoins are being reframed in macroeconomic terms. Instead of existing solely as speculative crypto assets or payment alternatives, they are being discussed as possible tools for financial inclusion, controlled dollar access, and transaction transparency.
For Venezuela, that debate may prove especially consequential. If policymakers move toward a regulated national dollar stablecoin, the country could become an important case study in how blockchain-based financial instruments are adapted for use in economies marked by currency controls and persistent monetary instability.