In Venezuela, one US dollar is priced at 421,000 Bolivars in the P2P market, while the official exchange rate is only 270,000 — the same dollar, but a 55% difference between the two markets.

Behind this number lies more than just arbitrage opportunities.

**The Survival Logic of Two Types of US Dollars**

The official dollar exists in reports, while the market dollar lives in wallets. One is the price the government wants you to believe, and the other is the result of people voting with their actual actions. When fiat currency confidence depreciates, why are people willing to pay 55% more to exchange for digital dollars?

The answer is straightforward — three words: to survive.

Hedge against inflation, quick circulation, and free cross-border transfer. 10-minute settlement vs bank queue approvals; real-time asset appreciation vs continuous devaluation; free cross-border movement vs layered restrictions. The choice is clear.

**From Single Anchor to On-Chain Over-Collateralization**

Most existing stablecoins rely on bank custody, with the constant risk of account freezing. A new generation of stablecoins is trying a different approach — through on-chain over-collateralization mechanisms, making the ownership of assets truly belong to users.

No longer relying on the credit of a single country, no longer constrained by traditional financial infrastructure — this is the next stage of digital asset evolution.

The 55% premium in Venezuela essentially asks an ancient question: whom do you trust? Trust the constantly devaluing fiat currency, or trust transparent, verifiable digital assets on the blockchain?

The market has already answered with actions.