According to economist Alejandro Grisanti, the trading volume in the P2P market using the stablecoin Tether or USDT on the Binance exchange shows a major increase in Venezuela, thereby representing up to 88% of the monthly sale of foreign currency carried out by the Central Bank of Venezuela. According to Grisanti, the volume traded with USDT is no longer marginal, as it has begun to directly compete with the BCV and with the revenues of the nation’s leading export industry.
Despite this scenario of prominence by the exchange, the economist noted that the formal FX market is experiencing important changes and improvements, driven by a greater supply of foreign currency from the BCV, a gradual easing in the exchange desks of commercial banks, and less market segmentation.
Despite this scenario of prominence by the exchange, the economist noted that the formal FX market is experiencing important changes and improvements, driven by a greater supply of foreign currency from the BCV, a gradual easing in the exchange desks of commercial banks, and less market segmentation.