Venezuelan demand for USDT surges after US military intervention

Venezuelans are converting their national currency, the bolivar, into the stablecoin USDT following U.S. military intervention in the country, CNBC reported. Demand for USDT surged after a U.S. airstrike earlier this month, pushing its price to around $1.40 in some peer-to-peer markets. Li Haonan, co-founder and CEO of Codex, explained that the price of USDT in Venezuela rose by approximately 40% in a single day. He stated this was not due to speculative trading by retail investors but rather residents seeking a safe haven during an emergency.