Under hyperinflation, "Binance USDT" has become the de facto currency of Venezuela.

PANews, October 5 news, according to Cointelegraph, due to a vicious inflation rate of up to 229%, USDT through Binance P2P trading has become the de facto currency in Venezuela's daily business activities, serving as the unit of account and Settlement tool. To avoid frequent price fluctuations caused by the continuous devaluation of the bolívar, local merchants generally anchor the prices of goods to the real-time USD exchange rate on Binance P2P for settlement. Due to the scarcity of physical US dollars, USDT based on the TRC-20 network, with its low transaction fees and convenience, has replaced cash and become the preferred choice for households and small to medium-sized enterprises for daily small transfers, achieving a de facto dollarization driven by stablecoins.