In theory, each USDT (Tether) should be worth the same as 1 US dollar. However, in Venezuela, that parity breaks down in practice: a physical $1 bill doesn't always translate to 1 USDT when exchanged within the country.

The reason lies in the commissions, intermediaries, and the conversion of physical money to digital, a process where part of the value is lost.

The ideal: 1 USD = 1 USDT (outside of Venezuela)

In large international exchanges like Binance or Coinbase, a user with access to dollar banks can deposit funds and buy USDT practically at the same value, with just a few cents in commission.

There, the premise is fulfilled: 1 USD ≈ 1 USDT.

The Venezuelan reality: frictions that raise the cost of USDT

1. P2P Market

Most Venezuelans access USDT through P2P platforms, where the price depends on local supply and demand. Advertisers add margins (spread) to cover commissions and risks, which raises the final cost of USDT.

2. Hidden commissions

Beyond the official fee of the platforms, there are 'implicit' costs: differences between buying and selling prices, surcharges for certain payment methods, and premiums on low-volume transactions.

3. From physical to digital

Converting a $1 bill into USDT usually involves several steps:

Sell the dollar in cash for bolívares.

Use those bolívares to buy USDT in P2P.

In each segment, value is lost because the dollar seller applies a lower rate and the USDT seller charges a higher rate.

4. Restrictions and sanctions

The lack of direct access to the international banking system forces the use of intermediaries like Airtm or local exchanges, where additional fees also apply.

Practical example: how much is 1 dollar in USDT within Venezuela?

Official BCV reference rate: ~171.8 bolívares for 1 USD.

International price USDT/bolívar (technical reference): ~170 bolívares for 1 USDT.

Price in local P2P: between 200 and 280 bolívares for USDT, depending on the advertiser.

With these figures:

If you exchange your dollar under 'favorable' conditions, 1 USD becomes 0.86 USDT (a 14% loss).

In less favorable scenarios, that same dollar may end up being worth only 0.61 USDT (a loss of almost 40%).

Conclusion

In Venezuela, 1 physical dollar does not equal 1 USDT due to commissions, spreads in the P2P market, and the conversion from cash to digital.

The only way for a dollar to truly maintain its equivalence in USDT is outside the country, depositing it directly into an international exchange.

Within Venezuela, the real relative value of a $1 bill is in a range of 0.60 to 0.86 USDT, with a common loss of between 10% and 20%.

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