How Binance Dollars Became Venezuela’s Currency

Key takeaways: 

• 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.

• Venezuela is a global crypto hotspot: Stablecoins dominate small transfers, mostly via TRC-20 USDT.

In Caracas, receipts now often show totals in “Binance dollars” because pricing has moved off the Venezuelan bolívar and…