- Binance P2P users traded $1.389B in USDT, averaging nearly $44M daily in Venezuela.
- USDT volume equaled 64.2% of June BCV dollar sales, highlighting pressure on formal banking.
- P2P turnover reached about 52% of monthly oil export value, showing scale without equivalence.
Venezuela’s peer-to-peer dollar market runs through USDT, giving users a parallel route for payments, savings, and hard-currency access.
Between June 11 and July 13, Ecoanalítica estimated that Binance P2P users exchanged at least 1.389 billion USDT, averaging nearly 44 million USDT per day. The scale now resembles a financial social network, connecting buyers and sellers beyond traditional banking channels.
Binance P2P Challenges the Formal Currency Market
Ecoanalítica co-founder Alejandro Grisanti described Binance’s marketplace as one of Venezuela’s leading foreign-exchange channels rather than a marginal alternative. According to Grisanti, trading volume reached 88% of Central Bank currency sales in June and approached three-quarters of monthly oil exports.
These figures show how USDT has become an important financial meeting point for households and businesses with limited access to official dollars. Through Binance’s peer-to-peer market, buyers and sellers can exchange bolivars for a dollar-linked asset outside conventional banking desks.
However, the $1.389 billion trading figure does not mean stablecoin activity surpassed petroleum exports. Peer-to-peer transactions may count the same funds several times, whereas export data measures revenue from physical crude shipments.
OPEC data showed that Venezuela exported 1.2 million barrels of crude per day in June. Meanwhile, the Merey benchmark averaged $71.13 per barrel, down from $82.77 in May.
Based on those figures, monthly petroleum exports were worth approximately $2.561 billion. Binance activity therefore equaled about 52% of that value, providing a more direct comparison than Ecoanalítica’s higher estimate.
At the same time, the Central Bank supplied $2.163 billion to bank exchange desks during June, according to Banca y Negocios. That amount represented a 36% monthly increase as authorities attempted to limit further depreciation of the bolívar.
When measured against the published total, Binance trading represented 64.2% of official currency sales. By contrast, Ecoanalítica placed the figure at 88%, although it did not disclose the numerical basis behind its calculation.
Dollar Shortages Push Businesses Toward USDT Markets
Demand for USDT has continued to expand as companies struggle to obtain foreign currency through regulated channels. Reuters reported that official currency auctions from mid-January through early March totaled $1.3 billion, marking a 13% annual decline.
In addition, a Conindustria survey found that 58% of medium-sized companies viewed dollar shortages as an obstacle to production. As a result, more businesses and individuals turned to digital marketplaces for access to hard currency.
Nevertheless, Grisanti said greater official currency supply, easier exchange-desk operations, and reduced market segmentation could gradually return activity to traditional banks. Under that scenario, Binance volumes could fall even if demand for foreign currency remains unchanged.
Such a decline would therefore reflect transactions returning to regulated institutions rather than disappearing from the economy. For now, however, USDT continues to function as Venezuela’s broad financial network, connecting savers, merchants, and businesses across the country.
Related: Illegal Amazon Gold Is Being Traded for USDT in Venezuela
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