Pakistanis abroad sent $3.6 billion home in September, the third month since the State Bank stopped paying for free transfers. On P2P markets, USDT stayed above the official rate every day.
On 10 October 2025, more than $19 billion of leveraged crypto bets were force-closed in a day, about Rs5.4 trillion. Pakistan now has written rules for exactly that business. No firm is licensed to run it yet.
Bitcoin hit its record on 6 October 2025. A year on, it is 32% lower in dollars and 33% lower in rupees, because the rupee firmed in between. For Pakistanis who buy through USDT on P2P, the price is higher still.
Pakistan's banks will give away Rs16 billion a year in prizes to families who receive money from abroad through a bank. The first qualifying quarter began on 1 October. On the latest inflow figures, the average entry is worth at least Rs37 per $100.
Since early September we have recorded the price of USDT on Binance P2P and Bybit P2P every 15 minutes. Two patterns held up across the month: before dawn is the dearest and patchiest time to trade, and weekends have come in cheaper. Neither pattern is large, and the gap between ads can matter more.
When the State Bank ended its remittance subsidy in July, we said we would watch whether money sent home slowed. It didn't: $7.29 billion arrived in July and August, up 14.7%. Yet our daily measure of USDT on peer-to-peer markets has never fallen to the official rate.
The price Pakistanis pay for USDT on peer-to-peer markets hit its highest level in our daily series on 28 September, while the official dollar rate barely moved. It has eased since. We don't know what caused it.
