Venezuelans buy USDT in droves via Binance to flee the bolivar

Venezuelans are rapidly buying USDT via P2P platforms such as Binance to protect their savings from the depreciating bolivar. Over the past 30 days, the USDT price on the local P2P market has risen by roughly 16%, from around 690 bolivars to just over 800 bolivars. CriptoNoticias reports this.

Bolivar Loses Ground Due to Liquidity Expansion

The bolivar is under pressure from a combination of factors. The Venezuelan government is pumping extra liquidity into the financial system, while banks offer only a limited supply of dollars. On top of that, caps on the purchase of foreign currency mean ordinary citizens and businesses have few options to protect their wealth.

As a result, more and more people are turning to P2P platforms to buy stablecoins. USDT, which trades globally at $1,00. serves in Venezuela as an escape route from the local currency. Via Binance, Venezuelans can trade relatively easily directly with other users, outside the official banking system.

Binance Plays a Central Role in the Venezuelan Crypto Market

Binance has become one of the main places where Venezuelans go to buy USDT. The crypto exchange offers, through its P2P functionality, the ability to trade using local payment methods such as PagoMovil. The chart shows that on 15 June 2026 the price stood at 794.95 bolivars per USDT, compared to 689.42 bolivars on 16 May 2026.

The phenomenon is not new for Venezuela, where hyperinflation has been a problem for years. Nevertheless, the recent price jump shows that pressure on the bolivar is increasing. Meanwhile, Binance itself is also in the spotlight: the platform threatens to lose its European licence after a potential rejection of its MiCA application, casting doubt on the platform’s future in the EU.