Venezuela has switched to using Tether (USDT) as its de facto currency amid annual inflation reaching 229%, according to the latest data. Merchants across the country are now pegging the prices of their goods and services to the P2P dollar rate on Binance, reflecting the severe erosion of the bolívar's value due to the prolonged economic crisis.
This transition shows that USDT, known locally as “Binance dollars,” has become the primary payment tool for everyday transactions, from grocery shopping to salary payments, primarily through the Binance peer-to-peer platform. This phenomenon is reinforced by the implicit tolerance of Venezuelan authorities, who, despite still restricting the official use of the dollar, have allowed stablecoins to maintain market liquidity.
This report highlights how hyperinflation has driven crypto adoption, making Venezuela a real-world example of how blockchain technology can fill the void left by a failed traditional monetary system.
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