USDT premium in Venezuela’s peer-to-peer market climbed as bolivar weakness deepened and access to formal dollar channels tightened.
The move reflected rising demand for dollar-linked liquidity among households and businesses seeking to protect purchasing power.
Venezuelans have increasingly used Binance P2P to obtain USDT as an alternative currency. Data tracked by p2p.
The Army showed the bolivar to USDT rate rose more than 16% between mid-May and mid-June. The rate moved from 690 bolivars to levels above 800 bolivars before easing to around 794.
USDT remained pegged to the dollar on global markets. However, the local price changed because the bolivar weakened against scarce foreign currency.
The shortage of dollars in Venezuela has forced small businesses and individuals to compete for access to the formal banking supply.
Bolivar liquidity outpaces dollar access
Central Bank of Venezuela figures showed bolivars circulating in the economy reached about 2.17 trillion in the week ending June 5.
That represented a 23% rise from the 1.76 trillion recorded in May. Since January, Bolivar liquidity has expanded by 131%.
The growth in bolivar supply has widened pressure on dollar availability through the official system. Crypto analyst Hever Castro said on X that dollars supplied through the BCV and bank trading desks could not keep pace with rising demand. That imbalance has pushed more users toward USDT marketplaces.
Banks usually close digital dollar sale systems once daily quotas are exhausted. This leaves many buyers outside the formal market. For those users, Binance P2P has become a main option for accessing dollar-linked value.
BCV caps dollar purchases
The BCV introduced new limits on June 15 to control access to dollars through the banking system. Individuals can now buy up to $1,000 per month. The annual ceiling stands at $12,000, while electronic transactions are limited to $500 per week.
Economists have criticized the measure. They argue that the restrictions indicate economic strain and may increase pressure on the parallel market. Asdrúbal Oliveros said the caps could place more pressure on the market, where Binance P2P remains dominant.
Parallel market gap widens
At the time of writing, the BCV exchange rate stood near 590 bolivars per dollar. In P2P markets, the spread was close to 35%. Local outlets reported some informal vendors in Caracas setting rates as high as 1,200 bolivars per dollar.
Venezuelans have long alternated between bolivars, dollars, and crypto. The practice known as bicicleta cambiaria involves buying dollars from banks and reselling them at a premium on P2P platforms. The new caps appear aimed at that loop, while USDT demand continues rising in markets.
