USDT cost 2.65% more than the dollar in September: our first monthly P2P report
Every day in September, buying USDT with rupees on peer-to-peer markets cost more than the official dollar rate. The extra averaged 2.65%, about Rs7,300 on every 1,000 USDT, and rose late in the month. This is the first edition of our monthly report on the gap.
Key takeaways
- USDT traded above the official dollar rate on all 30 days of September on Binance P2P, by 2.65% on average.
- On average, that came to about Rs7,300 extra for every 1,000 USDT bought, compared with the official rate.
- The premium rose in the second half of the month and peaked at 3.76% on 28 September, the highest in our series.
- Weekends were cheaper than weekdays, by about 0.3 percentage points on average.
Pakistanis who buy USDT, the dollar-pegged stablecoin, mostly buy it from other people on peer-to-peer (P2P) markets, paying rupees by bank transfer or mobile wallet. Because P2P sellers set their own prices, USDT does not trade at the official dollar rate. We record the gap once a day in our USDT/PKR premium series.
In September the gap never closed. On every one of the 30 days, the middle of the Binance P2P order book sat above the official rate. This report is the first in a monthly series. Every daily reading behind it is published in full at the end of this article, so each figure can be checked.
September in numbers
| Measure | September 2026 |
|---|---|
| Days recorded | 30 of 30 |
| Average premium | 2.65% |
| Median premium | 2.58% |
| Highest | 3.76% on 28 September |
| Lowest | 2.06% on 20 September |
| Average P2P price (midpoint) | Rs284.81 per USDT |
| Average official rate | Rs277.47 per dollar |
| Average extra cost per 1,000 USDT | about Rs7,300 |
The month had two halves. From 1 to 15 September the premium averaged 2.52%. From 16 to 30 September it averaged 2.77%. The last three days of the month were the only ones at or above 3%. On 28 September USDT reached Rs287.33 on P2P while the official rate was Rs276.91, which we reported at the time.
The official rate barely moved. It stayed between about Rs276.9 and Rs278.6 all month. Nearly all the change in the premium came from the P2P side.
The low point needs a caveat. On 20 September our reference rate read about one rupee higher than on the days either side. Part of that day's low premium comes from the reference, not from cheaper USDT.
Weekdays cost more
On weekdays the premium averaged 2.73%. On Saturdays and Sundays it averaged 2.42%. Weekends also had a wider gap between the buy and sell sides of the book, at about Rs1.06 against Rs0.74 on weekdays. That points to thinner trading.
This matches what our 3,000 intraday price checks found across Binance and Bybit. It is a pattern in one month of data, not a rule, and it can reverse.
How September compares
Our daily series began on 6 August. Across 6 to 31 August, the premium averaged 2.71%. That figure leaves out one day, 22 August, when the reference rate feed returned a value about Rs7 below the days either side. So September was slightly cheaper on average than August, but it ended higher than it began.
In the first half of October the premium averaged 2.69%. On 15 October it was 2.76%.
What this means for Pakistani users
- The premium is a cost if you buy. At September's average, someone who bought 1,000 USDT with rupees paid about Rs7,300 more than the official dollar rate would suggest. At the peak on 28 September, the extra was about Rs10,400.
- It is a gain if you receive. A freelancer or a family member who is paid in USDT and sells it for rupees gets the premium, before fees, and before the risk of trading with a stranger.
- It does not cover what can go wrong. P2P trades in Pakistan happen outside any regulator. PVARA told the Lahore High Court that P2P transactions do not fall within its mandate. No crypto platform holds a full PVARA licence yet, as our licence tracker shows.
- Remittances still went through banks. Workers abroad sent $3.6 billion home in September through official channels, according to the State Bank's release of 9 October. We covered what the premium means for that corridor in our remittance report.
This is a market observation, not investment advice. CryptoPakistan has no affiliate or referral relationship with Binance, Bybit or any exchange.
How we measure it
- P2P price: Binance P2P public advertisements for USDT against rupees, top 20 ads on each side. We discard the top and bottom quarter of ads and take the median, so one outlying advert cannot move the figure. The premium uses the midpoint of the buy and sell sides.
- Official rate: the daily USD/PKR reference from the ExchangeRate API. This is not the State Bank's interbank rate, and on rare days it misreads. We flag those days rather than edit them.
- Timing: once a day at about 13:00 PKT. Readings are never edited after the fact.
- Data: September's 30 daily readings are in the table below. Today's figure is on our premium page. Journalists and researchers may use these figures with a credit and link to CryptoPakistan.
What we're watching
- Whether the late-September rise holds through October, or fades back toward 2.5%.
- The first PVARA licence, and whether a licensed exchange with bank rails narrows the gap.
- Remittance figures for October, due from the State Bank in early November.
The next edition, covering October, will publish in the first week of November.
Every reading in September
One reading a day at about 13:00 PKT. The premium compares the P2P midpoint with the official reference rate.
| Date | P2P midpoint (Rs) | Official rate (Rs) | Premium |
|---|---|---|---|
| Tue 1 Sep | 284.89 | 277.70 | 2.59% |
| Wed 2 Sep | 285.56 | 277.87 | 2.77% |
| Thu 3 Sep | 285.42 | 277.43 | 2.88% |
| Fri 4 Sep | 284.99 | 277.36 | 2.75% |
| Sat 5 Sep | 284.27 | 277.60 | 2.40% |
| Sun 6 Sep | 284.25 | 277.55 | 2.42% |
| Mon 7 Sep | 284.53 | 277.62 | 2.49% |
| Tue 8 Sep | 284.56 | 277.66 | 2.48% |
| Wed 9 Sep | 284.11 | 277.53 | 2.37% |
| Thu 10 Sep | 284.23 | 277.28 | 2.51% |
| Fri 11 Sep | 284.52 | 277.64 | 2.48% |
| Sat 12 Sep | 284.10 | 277.72 | 2.30% |
| Sun 13 Sep | 283.90 | 277.69 | 2.24% |
| Mon 14 Sep | 285.15 | 277.59 | 2.72% |
| Tue 15 Sep | 284.28 | 277.76 | 2.35% |
| Wed 16 Sep | 284.32 | 277.72 | 2.38% |
| Thu 17 Sep | 284.49 | 277.51 | 2.52% |
| Fri 18 Sep | 284.41 | 277.28 | 2.57% |
| Sat 19 Sep | 283.93 | 277.42 | 2.35% |
| Sun 20 Sep | 284.36 | 278.63 | 2.06% |
| Mon 21 Sep | 285.10 | 277.93 | 2.58% |
| Tue 22 Sep | 285.24 | 277.43 | 2.82% |
| Wed 23 Sep | 285.03 | 277.13 | 2.85% |
| Thu 24 Sep | 285.05 | 276.97 | 2.92% |
| Fri 25 Sep | 285.24 | 277.39 | 2.83% |
| Sat 26 Sep | 284.40 | 276.96 | 2.69% |
| Sun 27 Sep | 285.08 | 277.00 | 2.92% |
| Mon 28 Sep | 287.33 | 276.91 | 3.76% |
| Tue 29 Sep | 286.07 | 276.96 | 3.29% |
| Wed 30 Sep | 285.34 | 276.88 | 3.06% |
Sources
- CryptoPakistan, USDT/PKR P2P premium series, Binance P2P, 1–30 September 2026 (daily readings above).
- Binance, P2P USDT/PKR advertisement search, read daily.
- ExchangeRate API, USD reference rates, read daily.
- State Bank of Pakistan, Press Release of Workers' Remittances for September 2026, 9 October 2026.
- Lahore High Court, 2026 LHC 4849, on PVARA's statement about P2P.
