Venezuela’s USDT Trading Hits $1.39 Billion Over One Month, Equivalent to 75% of Monthly Oil Exports

Trading activity for USDT on Binance’s peer-to-peer marketplace in Venezuela reached about $1.389 billion between June 11 and July 13, reflecting continued demand for dollar-linked digital assets in the country’s currency market.

According to economic research firm Ecoanalítica, the trading volume averaged roughly $44 million per day during the period. The firm estimated that the total amount was equivalent to approximately 75% of Venezuela’s monthly oil export value and accounted for a significant portion of the foreign-currency supply recorded by the central bank in June.

The increase in USDT activity has also coincided with a rise in local market prices. The cryptocurrency’s over-the-counter exchange rate in Venezuela climbed to approximately 840 bolivars, trading about 15.5% above the official exchange rate.

Source: Wu Blockchain