229% inflation: How ‘Binance dollars’ became Venezuela’s real currency

In Venezuela, where hyperinflation has reached a staggering 229%, many are turning to USDT, also known as Binance dollars, as a more stable currency alternative. This shift is significant as merchants are now pegging their prices to Binance P2P dollar rates, providing a lifeline to consumers struggling with the devaluation of the national currency. This trend highlights the growing importance of cryptocurrencies in economies facing severe financial instability.