*What is happening in the Venezuelan P2P Market*

Good morning. Today we find that the USDT is down. Events that have only occurred very few times in the Venezuelan market. And I would dare to say that it has only happened in recent days. This occurred in the days following the event of 03-01 and today we see it again. For us, this could have its origin in the following aspects:

*1. Influx to financial entities of additional money from oil income via BCV. From the signing of new gas and oil sale contracts. And from the income of advances for foreign contracting for the construction of projects and rehabilitation.

*2. Another aspect that could be causing these declines is the attempt with the achieved income to stabilize the exchange market bringing the value of the official dollar and the USDT (parallel) dollar to equal values or at least very close.

*3. Another element is that large holders of USDT* from the Venezuelan market may be making entries, who due to the devaluation of our currency, were safeguarding by buying USDT. These same investors; today see a market with currency deliveries through different means and through national banks, much more stable and reliable than in previous days. This is an indicator that enough dollars are entering the market and that these movements are approaching the search for equilibrium between what is today the official dollar and the USDT dollar.

*4. Need for Liquidity in Bolívares. February* is usually a month where companies and individuals need bolívares to pay commitments, taxes, and operational expenses at the beginning of the year. This generates an increase in supply: many people selling their savings in USDT to obtain bolívares, which pushes the price down.

*5. Although the price has fallen,* analysts warn that this stability is fragile. It entirely depends on whether the BCV can maintain the flow of dollars to national banking.

We hope these declines continue for the relief of our pockets.

Regards.

$USDT