How Binance Dollars Became Venezuela’s Currency

October 1, 2025

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Key takeaways:

With inflation at 229%, daily prices in Venezuela are set in USDT “Binance dollars,” usually at live P2P rates.
Three dollar rates exist (official, parallel and P2P), but merchants mostly follow the P2P quote.
The government tolerates dollar-backed crypto in exchanges, though it hasn’t legalized dollarization.
Venezuela is a global crypto hotspot: Stablecoins dominate small transfers, mostly via TRC-20 USDT.

In Caracas, receipts now often show totals in “Binance dollars” because pricing has moved off the Venezuelan bolívar and…

Source link

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Cointelegraph

How Binance Dollars Became Venezuela’s Currency

October 1, 2025

, Published By Cointelegraph

Blockchain

Key takeaways:

With inflation at 229%, daily prices in Venezuela are set in USDT “Binance dollars,” usually at live P2P rates.
Three dollar rates exist (official, parallel and P2P), but merchants mostly follow the P2P quote.
The government tolerates dollar-backed crypto in exchanges, though it hasn’t legalized dollarization.
Venezuela is a global crypto hotspot: Stablecoins dominate small transfers, mostly via TRC-20 USDT.

In Caracas, receipts now often show totals in “Binance dollars” because pricing has moved off the Venezuelan bolívar and…

Source link