Under hyperinflation, Binance USDT has become the de facto currency of Venezuela

ChainCatcher news, affected by a staggering annual inflation rate of 229%, USDT traded through Binance P2P has become the de facto currency, serving as a unit of account and a settlement tool in Venezuela's daily business activities.

To avoid frequent price fluctuations caused by the continuous devaluation of the Bolívar, local merchants generally anchor the prices of goods to the real-time dollar exchange rate on Binance P2P for settlement. Due to the scarcity of physical dollars, USDT based on the TRC-20 network, with its low transaction fees and convenience, has replaced cash and become the preferred choice for households and small to medium-sized enterprises for daily small transfers, achieving a de facto crypto dollarization driven by stablecoins.