PANews reported on October 5 that according to Cointelegraph, affected by hyperinflation with an annual inflation rate of up to 229%, USDT traded through Binance P2P has become the de facto currency, that is, the unit of account and settlement tool, in Venezuela's daily business activities.

To avoid the frequent price fluctuations caused by the continued devaluation of the Bolivar, local merchants generally anchor their commodity prices to the real-time USD exchange rate on Binance P2P for settlement. Due to the scarcity of physical USD, USDT, based on the TRC-20 network, has replaced cash as the preferred choice for daily small-value transfers among households and small and medium-sized enterprises due to its low transaction fees and convenience, achieving de facto crypto-dollarization driven by stablecoins.