Express
Amid Severe Inflation, Binance's USDT Becomes De Facto Currency in Venezuela
Summary: According to reports, due to severe hyperinflation with an annual rate as high as 229%, USDT traded on Binance's P2P platform has become the de facto currency in daily commercial activities in Venezuela, serving as the unit of account and settlement tool. To avoid price fluctuations caused by the continuous devaluation of the Bolivar, local ...
According to reports, due to severe hyperinflation with an annual rate as high as 229%, USDT traded on Binance's P2P platform has become the de facto currency in daily commercial activities in Venezuela, serving as the unit of account and settlement tool.
To avoid price fluctuations caused by the continuous devaluation of the Bolivar, local businesses commonly anchor their prices to the real-time USD exchange rate on Binance P2P for settlements. With physical USD scarce, USDT based on the TRC-20 network has replaced cash due to its low transaction fees and convenience, becoming the preferred choice for households and small businesses for daily small transfers, effectively achieving a de facto crypto-dollarization driven by stablecoins.
Tags:
Link: Amid Severe Inflation, Binance's USDT Becomes De Facto Currency in Venezuela [Copy]
