USDT trading in Venezuela has surged to a scale that now rivals the country’s oil exports, according to data from economic research firm Ecoanalítica. Between June 11 and July 13, roughly 1.389 billion USDT changed hands on Binance’s peer-to-peer market, averaging about $44 million per day. The volume equated to approximately 75% of Venezuela’s monthly oil export value, based on Ecoanalítica’s estimates, though alternative calculations using June crude exports and the average Merey price put the ratio closer to 52%. Even at the lower end, the figures underscore how stablecoins have become a major channel for dollar liquidity in one of the world’s most financially constrained economies.
The Binance P2P market has transformed into a significant foreign-currency channel outside traditional banking. Ecoanalítica noted that the 1.389 billion USDT volume also equaled 64.2% of the $2.163 billion in foreign currency supplied by Venezuela’s central bank during June. Director Alejandro Grisanti remarked that Binance had gone “from being a marginal market to becoming one of the main channels for buying and selling foreign currency.” USDT traded around 840 bolivars on local P2P markets, a 15.5% premium over the official exchange rate of 727 bolivars per U.S. dollar on July 16, reflecting strong demand for digital dollar liquidity despite formal rate mechanisms.
The growth ties into Venezuela’s broader shift toward stablecoins amid currency controls and sanctions. State oil company PDVSA has reportedly moved some crude sales to USDT settlements, with economist Asdrúbal Oliveros estimating that a large share of oil revenue could be settled in stablecoins by late 2025 or early 2026. Meanwhile, Tether’s freezing of over $344 million in USDT linked to sanctions evasion earlier this year highlights the regulatory tensions. The Atlantic Council has warned that crypto usage undermines U.S. sanctions on PDVSA and the central bank. The data positions stablecoin trading at a scale comparable with major official and export-related foreign-currency flows, raising both adoption and geopolitical questions.
