USDT price climbs 16% on Venezuela P2P market

Venezuelans are increasingly turning to the stablecoin USDT as a digital dollar alternative, with its price on local peer-to-peer markets surging by approximately 16 percent over the past month as the national currency weakens and access to U.S. dollars through official channels remains severely constrained. The USDT-to-bolivar exchange rate on Binance's P2P platform, the country's dominant marketplace, climbed from around 690 bolivars to a peak of 810 bolivars between mid-May and mid-June before easing to about 794 bolivars.

This sharp rise coincides with a rapid expansion of the bolivar money supply. According to official data from the Central Bank of Venezuela (BCV), monetary liquidity reached approximately 2.17 trillion bolivars by early June, marking a 23 percent increase from May and a staggering 131 percent expansion since the beginning of the year. Analysts describe a growing mismatch between the flood of local currency in circulation and the limited supply of foreign currency available through the formal banking system.

In response to the pressure, the BCV implemented new restrictions on June 15, capping individual dollar purchases through banks at $1,000 per month and...