Venezuela is experiencing a shift in its economic landscape as USDT, traded through Binance P2P, emerges as the de facto currency amid hyperinflation. With an annual inflation rate reaching 229%, the Bolivar's value continues to plummet, prompting local merchants to anchor prices to the real-time USD exchange rate on Binance P2P. This practice helps stabilize transactions and avoid the volatility associated with the national currency.
The scarcity of physical USD has further propelled USDT, particularly on the TRC-20 network, to become the preferred medium for small-value transfers among households and businesses. Its low transaction fees and convenience have facilitated a form of crypto-dollarization, where stablecoins effectively replace cash in daily transactions.
USDT Becomes Venezuela's De Facto Currency Amid Hyperinflation
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