Rising bolivar supply, tighter dollar-purchase limits and shortages in the formal banking system are pushing more Venezuelans toward Binance’s P2P market for dollar-linked USDT.
Venezuelan users are increasingly buying USDT on Binance’s local peer-to-peer market as the token becomes a hedge against bolivar weakness and limited access to dollars through formal channels. USDT rose more than 16% on Venezuela’s Binance P2P marketplace, climbing from roughly 690 bolivars to above 800 bolivars between mid-May and mid-June, even as the token remained pegged 1:1 to the U.S. dollar. The move reflected depreciation in the local currency rather than a change in USDT itself. The shift comes as bolivar liquidity has expanded faster than available dollars. The Central Bank of Venezuela reported about 2.17 trillion bolivars in circulation in the week ending June 5, up 23% from 1.76 trillion in May, while analysts say the supply of dollars available through the banking system has not kept pace with demand. Banks typically halt digital dollar sales once daily quotas are exhausted, pushing savers and small businesses toward P2P markets. The pressure intensified after the BCV capped individual dollar purchases through banks at $1,000 per month and $12,000 per year on June 15, while also limiting electronic transactions to $500 a week. Economists including Asdrúbal Oliveros said the measures are likely to increase pressure on the parallel market, which is now dominated by Binance P2P. The BCV exchange rate was around 590 bolivars per dollar at the time of writing, compared with a spread near 35% on P2P markets, while some informal vendors in Caracas were reportedly quoting rates as high as 1,200 bolivars per dollar.