229% inflation: How ‘Binance dollars’ became Venezuela’s real currency
Venezuela turns to USDT as hyperinflation bites, with merchants pegging prices to Binance P2P dollar rates.
With inflation at 229%, daily prices in Venezuela are set in USDT “Binance dollars,” usually at live P2P rates.
Three dollar rates exist (official, parallel and P2P), but merchants mostly follow the P2P quote.
The government tolerates dollar-backed crypto in exchanges, though it hasn’t legalized dollarization.
