USDT Gains Ground in Venezuela

Venezuela’s peer-to-peer market for the USDT stablecoin is growing rapidly. According to analytics firm Ecoanalítica, 1.389 billion USDT changed hands between June 11 and July 13. This volume is comparable to one of the most important pillars of the Venezuelan economy: oil exports.

Ecoanalítica says P2P trading has become one of the main ways to exchange dollar-linked funds outside the traditional banking system. During the period under review, the value of these transactions was equivalent to 64.2% of the foreign currency supplied to the market by the Central Bank of Venezuela.

The firm also estimates that the figure represented around 75% of the country’s monthly oil exports. Other calculations put the share closer to 52%, depending on the methodology used.

On July 16, USDT was trading on the local P2P market at approximately 840 bolivars—15.5% above the official US dollar exchange rate. According to Ecoanalítica director Alejandro Grisanti, the importance of the P2P market could decline if banks once again increase access to foreign currencies.

The rising trading volume reflects a broader trend in USDT adoption across Venezuela. The stablecoin has also previously been used in some oil sale transactions conducted by the state-owned energy company PDVSA.