## Venezuelans Seek Cheapest USDT,Fueling Crypto Market Growth
The Venezuelan cryptocurrency market is experiencing a surge driven by a simple principle: finding the most affordable USDT (Tether),according to Juan Blanco,founder and CEO of Bitdata Consultores. He characterizes this as a “second crypto wave” in the country, distinct from the earlier focus on the state-backed Petro, and now spurred by the lack of a stable unofficial exchange rate and a growing need for a reliable dollar reference point.
“Venezuelans are actively comparing platforms and migrating to where USDT is cheaper,” Blanco explained to Unión Radio. This price sensitivity has fostered a legal arbitrage market, where users purchase USDT on one exchange and sell it for a profit on another.
While Binance remains the most popular platform in Venezuela,Blanco cautions against relying solely on it. “Don’t put all your eggs in one basket,” he advises, highlighting Bybit as a significant competitor. He notes that Bybit frequently offers lower USDT rates than Binance, attracting users who then transfer their purchases. “Many users buy cheap USDT on Bybit and then move it. It’s a very new market gaining traction in recent months.” He also attributes this trend to the broader global acceptance of cryptocurrencies,amplified by their visibility during the recent US presidential campaign.
The adoption of USDT is also being fueled by increasing acceptance of crypto payments within Venezuela.Two authorized exchanges, Crixto and Kontigo, now facilitate direct payments in stores, accelerating the integration of cryptocurrency into daily transactions.
Binance’s operations in Venezuela are facilitated through a partnership with Crixto, a platform that converts USDT to bolivars at the official BCV rate via a payment gateway. Blanco clarifies that while many international exchanges operate in a “gray area” regarding Venezuelan regulations,formal integration into the payment system is absolutely possible through alliances like the one between binance and Crixto.
Currently, approximately one in ten Venezuelans utilize the Binance platform. Crixto is becoming increasingly prevalent in multi-brand stores, handling the majority of small, everyday USDT purchases.
Beyond individual use, Blanco points to growing corporate adoption. Sectors like PDVSA, the cement industry, and other large companies are leveraging USDT to offset the decline in traditional dollar inflows into the country.
