## Venezuelans Seek Cheapest USDT,Fueling Crypto Market Growth
The Venezuelan cryptocurrency market is experiencing aโ surge driven by aโ simple principle: finding the most affordable โขUSDT (Tether),according to Juan โBlanco,founder and โCEO of Bitdata Consultores. He characterizes this as a “second crypto โwave” inโ the country, distinct from the earlier focus on the state-backed Petro, and now spurred by the lack of a stable unofficialโข 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 Uniรณnโ Radio. This price sensitivity has fostered a โlegal arbitrage market, where users purchase USDT on one exchange and sell it for a profitโ on another.
While Binance remains the most popular โplatform in Venezuela,Blanco cautions against relying solely on it.โ “Don’t put all your eggs in one basket,”โ he advises, โhighlighting Bybit as a significant competitor. He notes that Bybit frequentlyโฃ offers lowerโฃ USDT rates than Binance, attracting users who then transfer theirโ purchases. “Many users buy cheap USDT on โBybit and โคthen move โฃit. 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 โcampaign.
The adoption of USDT is also being fueled byโ increasing โคacceptance of crypto paymentsโฃ within Venezuela.Twoโข authorized exchanges, Crixto and Kontigo, nowโ facilitate direct payments in โคstores, accelerating โฃthe 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 โvia a payment gateway. Blanco clarifies that while many international exchanges โขoperate in a “gray area” regarding Venezuelan regulations,formal integration into the payment system is absolutely possible through alliances like the oneโ between binance and Crixto.
Currently, approximately one inโ ten Venezuelans โutilize the Binance platform. Crixto is becoming increasingly prevalent in multi-brand โstores,โฃ handling the โmajority of small, everyday USDT purchases.
Beyond individual use, Blanco points to growing corporate adoption.โข Sectors likeโค PDVSA, the cement industry, and other large companies are leveraging USDT to offset the decline in traditional dollar inflows into the country.
