Updated every hour
What a dollarreally costs.
The official exchange rate and the price people actually pay for a digital dollar are not the same number. In some countries they are not close. Here is the gap in all 213 of them, measured hourly.
| Country | Currency | Local USDT price | Official rate | Gap | Venue |
|---|---|---|---|---|---|
| 🇦🇫 Afghanistan | AFN | · | · | · | · |
| 🇦🇱 Albania | ALL | · | · | · | · |
| 🇩🇿 Algeria | DZD | · | · | · | · |
| 🇦🇩 Andorra | EUR | · | · | · | · |
| 🇦🇴 Angola | AOA | · | · | · | · |
| 🇦🇬 Antigua and Barbuda | XCD | · | · | · | · |
| 🇦🇷 Argentina | ARS | · | · | · | · |
| 🇦🇲 Armenia | AMD | · | · | · | · |
| 🇦🇼 Aruba | AWG | · | · | · | · |
| 🇦🇺 Australia | AUD | · | · | · | · |
| 🇦🇹 Austria | EUR | · | · | · | · |
| 🇦🇿 Azerbaijan | AZN | · | · | · | · |
| 🇧🇸 Bahamas | BSD | · | · | · | · |
| 🇧🇭 Bahrain | BHD | · | · | · | · |
| 🇧🇩 Bangladesh | BDT | · | · | · | · |
| 🇧🇧 Barbados | BBD | · | · | · | · |
| 🇧🇾 Belarus | BYN | · | · | · | · |
| 🇧🇪 Belgium | EUR | · | · | · | · |
| 🇧🇿 Belize | BZD | · | · | · | · |
| 🇧🇯 Benin | XOF | · | · | · | · |
| 🇧🇲 Bermuda | BMD | · | · | · | · |
| 🇧🇹 Bhutan | BTN | · | · | · | · |
| 🇧🇴 Bolivia | BOB | · | · | · | · |
| 🇧🇦 Bosnia and Herzegovina | BAM | · | · | · | · |
| 🇧🇼 Botswana | BWP | · | · | · | · |
| 🇧🇷 Brazil | BRL | · | · | · | · |
| 🇻🇬 British Virgin Islands | USD | · | · | · | · |
| 🇧🇳 Brunei | BND | · | · | · | · |
| 🇧🇬 Bulgaria | BGN | · | · | · | · |
| 🇧🇫 Burkina Faso | XOF | · | · | · | · |
| 🇧🇮 Burundi | BIF | · | · | · | · |
| 🇨🇮 Côte d’Ivoire | XOF | · | · | · | · |
| 🇰🇭 Cambodia | KHR | · | · | · | · |
| 🇨🇲 Cameroon | XAF | · | · | · | · |
| 🇨🇦 Canada | CAD | · | · | · | · |
| 🇨🇻 Cape Verde | CVE | · | · | · | · |
| 🇰🇾 Cayman Islands | KYD | · | · | · | · |
| 🇨🇫 Central African Republic | XAF | · | · | · | · |
| 🇹🇩 Chad | XAF | · | · | · | · |
| 🇨🇱 Chile | CLP | · | · | · | · |
| 🇨🇳 China | CNY | · | · | · | · |
| 🇨🇴 Colombia | COP | · | · | · | · |
| 🇰🇲 Comoros | KMF | · | · | · | · |
| 🇨🇩 Congo (Democratic Republic) | CDF | · | · | · | · |
| 🇨🇬 Congo (Republic) | XAF | · | · | · | · |
| 🇨🇷 Costa Rica | CRC | · | · | · | · |
| 🇭🇷 Croatia | EUR | · | · | · | · |
| 🇨🇺 Cuba | CUP | · | · | · | · |
| 🇨🇼 Curaçao | XCG | · | · | · | · |
| 🇨🇾 Cyprus | EUR | · | · | · | · |
| 🇨🇿 Czech Republic | CZK | · | · | · | · |
| 🇩🇰 Denmark | DKK | · | · | · | · |
| 🇩🇯 Djibouti | DJF | · | · | · | · |
| 🇩🇲 Dominica | XCD | · | · | · | · |
| 🇩🇴 Dominican Republic | DOP | · | · | · | · |
| 🇪🇨 Ecuador | USD | · | · | · | · |
| 🇪🇬 Egypt | EGP | · | · | · | · |
| 🇸🇻 El Salvador | USD | · | · | · | · |
| 🇬🇶 Equatorial Guinea | XAF | · | · | · | · |
| 🇪🇷 Eritrea | ERN | · | · | · | · |
| 🇪🇪 Estonia | EUR | · | · | · | · |
| 🇸🇿 Eswatini | SZL | · | · | · | · |
| 🇪🇹 Ethiopia | ETB | · | · | · | · |
| 🇫🇴 Faroe Islands | DKK | · | · | · | · |
| 🇫🇯 Fiji | FJD | · | · | · | · |
| 🇫🇮 Finland | EUR | · | · | · | · |
| 🇫🇷 France | EUR | · | · | · | · |
| 🇬🇦 Gabon | XAF | · | · | · | · |
| 🇬🇲 Gambia | GMD | · | · | · | · |
| 🇬🇪 Georgia | GEL | · | · | · | · |
| 🇩🇪 Germany | EUR | · | · | · | · |
| 🇬🇭 Ghana | GHS | · | · | · | · |
| 🇬🇮 Gibraltar | GIP | · | · | · | · |
| 🇬🇷 Greece | EUR | · | · | · | · |
| 🇬🇱 Greenland | DKK | · | · | · | · |
| 🇬🇩 Grenada | XCD | · | · | · | · |
| 🇬🇹 Guatemala | GTQ | · | · | · | · |
| 🇬🇬 Guernsey | GBP | · | · | · | · |
| 🇬🇳 Guinea | GNF | · | · | · | · |
| 🇬🇼 Guinea-Bissau | XOF | · | · | · | · |
| 🇬🇾 Guyana | GYD | · | · | · | · |
| 🇭🇹 Haiti | HTG | · | · | · | · |
| 🇭🇳 Honduras | HNL | · | · | · | · |
| 🇭🇰 Hong Kong | HKD | · | · | · | · |
| 🇭🇺 Hungary | HUF | · | · | · | · |
| 🇮🇸 Iceland | ISK | · | · | · | · |
| 🇮🇳 India | INR | · | · | · | · |
| 🇮🇩 Indonesia | IDR | · | · | · | · |
| 🇮🇷 Iran | IRR | · | · | · | · |
| 🇮🇶 Iraq | IQD | · | · | · | · |
| 🇮🇪 Ireland | EUR | · | · | · | · |
| 🇮🇲 Isle of Man | GBP | · | · | · | · |
| 🇮🇱 Israel | ILS | · | · | · | · |
| 🇮🇹 Italy | EUR | · | · | · | · |
| 🇯🇲 Jamaica | JMD | · | · | · | · |
| 🇯🇵 Japan | JPY | · | · | · | · |
| 🇯🇪 Jersey | GBP | · | · | · | · |
| 🇯🇴 Jordan | JOD | · | · | · | · |
| 🇰🇿 Kazakhstan | KZT | · | · | · | · |
| 🇰🇪 Kenya | KES | · | · | · | · |
| 🇰🇮 Kiribati | AUD | · | · | · | · |
| 🇽🇰 Kosovo | EUR | · | · | · | · |
| 🇰🇼 Kuwait | KWD | · | · | · | · |
| 🇰🇬 Kyrgyzstan | KGS | · | · | · | · |
| 🇱🇦 Laos | LAK | · | · | · | · |
| 🇱🇻 Latvia | EUR | · | · | · | · |
| 🇱🇧 Lebanon | LBP | · | · | · | · |
| 🇱🇸 Lesotho | LSL | · | · | · | · |
| 🇱🇷 Liberia | LRD | · | · | · | · |
| 🇱🇾 Libya | LYD | · | · | · | · |
| 🇱🇮 Liechtenstein | CHF | · | · | · | · |
| 🇱🇹 Lithuania | EUR | · | · | · | · |
| 🇱🇺 Luxembourg | EUR | · | · | · | · |
| 🇲🇴 Macau | MOP | · | · | · | · |
| 🇲🇬 Madagascar | MGA | · | · | · | · |
| 🇲🇼 Malawi | MWK | · | · | · | · |
| 🇲🇾 Malaysia | MYR | · | · | · | · |
| 🇲🇻 Maldives | MVR | · | · | · | · |
| 🇲🇱 Mali | XOF | · | · | · | · |
| 🇲🇹 Malta | EUR | · | · | · | · |
| 🇲🇭 Marshall Islands | USD | · | · | · | · |
| 🇲🇷 Mauritania | MRU | · | · | · | · |
| 🇲🇺 Mauritius | MUR | · | · | · | · |
| 🇲🇽 Mexico | MXN | · | · | · | · |
| 🇫🇲 Micronesia | USD | · | · | · | · |
| 🇲🇩 Moldova | MDL | · | · | · | · |
| 🇲🇨 Monaco | EUR | · | · | · | · |
| 🇲🇳 Mongolia | MNT | · | · | · | · |
| 🇲🇪 Montenegro | EUR | · | · | · | · |
| 🇲🇦 Morocco | MAD | · | · | · | · |
| 🇲🇿 Mozambique | MZN | · | · | · | · |
| 🇲🇲 Myanmar | MMK | · | · | · | · |
| 🇳🇦 Namibia | NAD | · | · | · | · |
| 🇳🇷 Nauru | AUD | · | · | · | · |
| 🇳🇵 Nepal | NPR | · | · | · | · |
| 🇳🇱 Netherlands | EUR | · | · | · | · |
| 🇳🇿 New Zealand | NZD | · | · | · | · |
| 🇳🇮 Nicaragua | NIO | · | · | · | · |
| 🇳🇪 Niger | XOF | · | · | · | · |
| 🇳🇬 Nigeria | NGN | · | · | · | · |
| 🇰🇵 North Korea | KPW | · | · | · | · |
| 🇲🇰 North Macedonia | MKD | · | · | · | · |
| 🇳🇴 Norway | NOK | · | · | · | · |
| 🇴🇲 Oman | OMR | · | · | · | · |
| 🇵🇰 Pakistan | PKR | · | · | · | · |
| 🇵🇼 Palau | USD | · | · | · | · |
| 🇵🇸 Palestine | ILS | · | · | · | · |
| 🇵🇦 Panama | PAB | · | · | · | · |
| 🇵🇬 Papua New Guinea | PGK | · | · | · | · |
| 🇵🇾 Paraguay | PYG | · | · | · | · |
| 🇵🇪 Peru | PEN | · | · | · | · |
| 🇵🇭 Philippines | PHP | · | · | · | · |
| 🇵🇱 Poland | PLN | · | · | · | · |
| 🇵🇹 Portugal | EUR | · | · | · | · |
| 🇵🇷 Puerto Rico | USD | · | · | · | · |
| 🇶🇦 Qatar | QAR | · | · | · | · |
| 🇷🇴 Romania | RON | · | · | · | · |
| 🇷🇺 Russia | RUB | · | · | · | · |
| 🇷🇼 Rwanda | RWF | · | · | · | · |
| 🇸🇹 São Tomé and Príncipe | STN | · | · | · | · |
| 🇰🇳 Saint Kitts and Nevis | XCD | · | · | · | · |
| 🇱🇨 Saint Lucia | XCD | · | · | · | · |
| 🇻🇨 Saint Vincent and the Grenadines | XCD | · | · | · | · |
| 🇼🇸 Samoa | WST | · | · | · | · |
| 🇸🇲 San Marino | EUR | · | · | · | · |
| 🇸🇦 Saudi Arabia | SAR | · | · | · | · |
| 🇸🇳 Senegal | XOF | · | · | · | · |
| 🇷🇸 Serbia | RSD | · | · | · | · |
| 🇸🇨 Seychelles | SCR | · | · | · | · |
| 🇸🇱 Sierra Leone | SLE | · | · | · | · |
| 🇸🇬 Singapore | SGD | · | · | · | · |
| 🇸🇽 Sint Maarten | XCG | · | · | · | · |
| 🇸🇰 Slovakia | EUR | · | · | · | · |
| 🇸🇮 Slovenia | EUR | · | · | · | · |
| 🇸🇧 Solomon Islands | SBD | · | · | · | · |
| 🇸🇴 Somalia | SOS | · | · | · | · |
| 🇿🇦 South Africa | ZAR | · | · | · | · |
| 🇰🇷 South Korea | KRW | · | · | · | · |
| 🇸🇸 South Sudan | SSP | · | · | · | · |
| 🇪🇸 Spain | EUR | · | · | · | · |
| 🇱🇰 Sri Lanka | LKR | · | · | · | · |
| 🇸🇩 Sudan | SDG | · | · | · | · |
| 🇸🇷 Suriname | SRD | · | · | · | · |
| 🇸🇪 Sweden | SEK | · | · | · | · |
| 🇨🇭 Switzerland | CHF | · | · | · | · |
| 🇸🇾 Syria | SYP | · | · | · | · |
| 🇹🇼 Taiwan | TWD | · | · | · | · |
| 🇹🇯 Tajikistan | TJS | · | · | · | · |
| 🇹🇿 Tanzania | TZS | · | · | · | · |
| 🇹🇭 Thailand | THB | · | · | · | · |
| 🇹🇱 Timor-Leste | USD | · | · | · | · |
| 🇹🇬 Togo | XOF | · | · | · | · |
| 🇹🇴 Tonga | TOP | · | · | · | · |
| 🇹🇹 Trinidad and Tobago | TTD | · | · | · | · |
| 🇹🇳 Tunisia | TND | · | · | · | · |
| 🇹🇷 Türkiye | TRY | · | · | · | · |
| 🇹🇲 Turkmenistan | TMT | · | · | · | · |
| 🇹🇨 Turks and Caicos Islands | USD | · | · | · | · |
| 🇹🇻 Tuvalu | AUD | · | · | · | · |
| 🇺🇬 Uganda | UGX | · | · | · | · |
| 🇺🇦 Ukraine | UAH | · | · | · | · |
| 🇦🇪 United Arab Emirates | AED | · | · | · | · |
| 🇬🇧 United Kingdom | GBP | · | · | · | · |
| 🇺🇸 United States | USD | · | · | · | · |
| 🇺🇾 Uruguay | UYU | · | · | · | · |
| 🇺🇿 Uzbekistan | UZS | · | · | · | · |
| 🇻🇺 Vanuatu | VUV | · | · | · | · |
| 🇻🇦 Vatican City | EUR | · | · | · | · |
| 🇻🇪 Venezuela | VES | · | · | · | · |
| 🇻🇳 Vietnam | VND | · | · | · | · |
| 🇾🇪 Yemen | YER | · | · | · | · |
| 🇿🇲 Zambia | ZMW | · | · | · | · |
| 🇿🇼 Zimbabwe | ZWG | · | · | · | · |
Nothing matches that.
Prices come from two kinds of venue and every row says which. An exchange price is the live top of the order book at a licensed exchange trading that currency — Bitkub for the baht, Upbit for the won, BitoPro for the Taiwan dollar, HashKey for the Hong Kong dollar, VALR for the rand, Luno for the naira and the shilling, and Kraken, OKX, Bybit, WhiteBIT, Bitstamp, Coinbase, Bitso, BTCTurk, CoinDCX, Indodax and Independent Reserve for the rest. A P2P price is what a seller of USDT is being offered on a public peer-to-peer book, after the advertisements priced to be found rather than filled have been dropped. The exchange price wins wherever one exists, because it is the deeper market and it is what somebody with a local bank account actually pays; the peer books cover the forty-odd currencies no licensed venue will quote, which is where the widest gaps are. Where both exist and the peer price sits materially higher, that second figure is shown under the gap: it is the cost of not having the bank account. The official rate is the daily reference rate for the same currency. Countries sharing a currency share a reading, because they share a price. No single price means the two sides of the local book do not meet; too few offers means neither side of it has enough depth to price anything; and no public quote means none of the venues above publishes a price in that currency. Where a row has no price it says why, in its own words: forty-one of them have been looked at one at a time, because "no market" is not the same answer as "the state sets a rate nobody trades at" or "this country's exchanges are not allowed to list stablecoins". A row marked one-sided has real depth on the selling side only, which is enough to say what a holder is offered but not enough to check the book against itself. A row marked via peg has no book of its own and a currency legally fixed to one that does — Macau to the Hong Kong dollar at 1.03, Lesotho to the rand at par, Bulgaria to the euro at 1.95583 — so it is the anchor's live price converted at the published rate, which is what people in those places actually do: they trade in the anchor. That last one is a statement about the feeds, not about the country: a dollar still has a price in every one of those places, usually above the official rate, set in OTC desks, private groups and cash. It is simply not written down anywhere a public feed can read it, and we would rather leave the cell empty than put a number in it we cannot stand behind. This is a measurement, not advice, and not a quote you can trade on.
Why the gap exists
An official rate is a policy; a market price is a fact.
Where a government limits how many dollars a person may buy, the official rate stops being the price of a dollar and becomes the price of a dollar you are allowed to have. Everything else trades somewhere else, at a number set by how badly people want out of the local currency. A stablecoin is simply the most liquid version of that somewhere else.
A premium is demand for dollars
People paying over the official rate are paying for access, not for the token. The wider the gap, the harder the local currency is to hold.
A discount usually means friction
Selling below the official rate normally means it is hard to get money out locally — sellers are competing for a small number of buyers.
A blank is not a zero
Where no public book carries a currency the cell stays empty. The trade is still happening — in OTC desks, private groups and cash, usually over the official rate. It is just not written down anywhere we can check.
What this means if you are paid in stablecoins
The premium is yours, not your client's.
If you are in a country trading at a premium and you invoice in dollars, you are already being paid above the official rate when you convert — that is not a trick, it is what the local market pays for dollars. It is also why a client paying you in USDC or USDT is often worth materially more than the same invoice paid by bank transfer at the official rate.
The transfer cost tool covers what it costs to move it, and the wallet guide covers where to put it. For turning it into local money, the cash-out guide goes country by country.
Questions
Straight answers.
Where does the local price come from?
Twenty-one exchange order books and three peer-to-peer books, and each row names the one it used. Where a licensed exchange trades the currency — Bitkub in Thailand, Upbit in Korea, BitoPro in Taiwan, HashKey in Hong Kong, Bitso in Mexico, Luno in Nigeria and Kenya, VALR in South Africa, BTCTurk in Türkiye, CoinDCX in India, Indodax in Indonesia, Independent Reserve in Singapore and Australasia, Rapira in Russia, and Kraken, OKX, Bybit, WhiteBIT, Bitstamp and Coinbase for the major currencies — that book is used, because it is deeper and continuous. Everywhere else the peer books are read instead: both sides, with the advertisements sitting far from the rest of the page dropped, and the best of what survives taken as the price. It refreshes on the hour.
Why is the exchange price lower than the P2P price in some countries?
Because they are prices for two different things. The exchange price is what you pay with a local bank account at a licensed venue. The peer price is what you pay without one — in cash, or through a payment app, or from outside the banking system entirely — and the difference is what that access is worth. In India and Türkiye it is several per cent; in the UAE and South Africa it is nothing. Where the two differ by more than about a point and a half the peer figure is printed under the gap, because for a lot of people it is the only one of the two they can actually use.
Why do some countries show no price?
Three different reasons, and the table keeps them apart. No public quote means none of the venues above publishes a price in that currency — which is a fact about the feeds and not about the country. Too few offers means only one side of the book is quoted, which is not enough to price anything. No single price means there are quotes on both sides but they do not meet: people bidding well above what others are asking, which is not one market with a premium but two unrelated ones. That last one happens in freely convertible currencies, where peer-to-peer trading is a leftover because anybody can simply use a bank.
A blank row does not mean there is no market, does it?
No, and it is worth being blunt about that. A dollar has a price in every country on this list. Where the cell is empty it is because no public order book carries that currency — the trade is happening in OTC desks, private messaging groups and cash, and in most of those places it happens above the official rate, which is exactly why it is happening off the public books. China is the clearest case: it has one of the largest stablecoin markets anywhere and no licensed exchange, and an earlier version of this page reported it as having no local market, which was simply wrong. We will fill a row the moment we find a source we can check. We will not fill one with an estimate, because a number nobody can trace is worth less than an admission that we do not have it.
Why do Germany and Portugal show the same figure?
Because they use the same currency, and a euro is worth the same in both. The feed is measured per currency and mapped onto every country that uses it — 26 countries for the euro, 14 for the two CFA francs, six for the East Caribbean dollar. The alternative, measuring each country separately, would be measuring the same book 26 times and reporting the noise between the readings as a difference between countries.
Is a premium a profit I can capture?
Not reliably, and anyone presenting it that way is selling something. The gap is real but so is the cost of crossing it: getting local currency in, identity checks, the spread you pay on the way back, and in several of these countries a legal question about whether you may do it at all. This page measures the gap; it does not tell you to trade it.
Why USDT rather than USDC?
Because USDT is what these markets actually trade. In most of the countries above the peer-to-peer volume is overwhelmingly USDT, so it is the honest measure of what a digital dollar fetches locally. TrueTransfer settles USDT on TON and USDC on Polygon; the local price of a dollar is much the same either way.
How accurate is the official rate?
It is a daily reference rate from a public feed, which is the right thing to compare against but is not a rate you could necessarily transact at either — bank spreads sit on top of it. Treat both columns as reference points and the gap between them as the signal. Where a country runs more than one official rate, as Yemen does, the feed reports one of them and the gap should be read with that in mind.
Can I use this for accounting?
No. Use the rate your own exchange or bank gave you on the day, which is the number a tax authority will expect to see. This is a market observation, taken at one moment, from one venue.
More tools
Built on the same data.
Get paid in the dollar that holds.
Your client pays inside Telegram and it settles to your own wallet in USDC or USDT. What you do with it locally is then your choice, at the local price.