[Digital Today reporter Chi-gyu Hwang] The price of USDT in Venezuela's P2P market has risen about 16 percent over the past 30 days.
USDT climbed from about 690 bolivars to more than 800 bolivars at one point intraday. Over the same period, liquidity in Venezuela's domestic currency rose about 23.26 percent and is up more than 131 percent from the start of the year.
Reports said a rapid increase in the bolivar money supply, a shortage of dollar liquidity in the banking sector and restrictions on foreign-currency purchases are prompting companies and residents to buy USDT via P2P platforms such as Binance to protect asset values.
As local merchants set everyday prices in USDT, the widening stablecoin premium is also being reflected in the prices of goods and services.
In major commercial districts such as La Hoyada, Catia and El Cementerio in Caracas, some merchants are also applying exchange rates of up to 1,200 bolivars per dollar at their own discretion to brace for market volatility.
Chi-gyu Hwang
delight@d-today.co.kr