Yemenis are turning to DeFi as US sanctions target Houthi group

DeFi platforms account for a big chunk of Yemen’s crypto web traffic, over 63%, while global centralized exchanges account for 18%, blockchain intelligence firm TRM Labs says.

Yemeni citizens are increasingly using decentralized finance (DeFi) protocols to bank themselves amid US sanctions aimed at the Houthi group, which they have deemed a terrorist organization. 

In the past, internet infrastructure challenges and low financial literacy among the war-torn population contributed to relatively limited crypto adoption, according to an April 17 report from blockchain intelligence firm TRM Labs.

“However, there are signs of growing interest and usage driven primarily by necessity rather than speculation,” the blockchain intelligence firm said. 

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