Michaela
Major vehicle manufacturers Toyota, Yamaha and BYD (Build Your Dreams) have started accepting Tether for payments in Bolivia, signaling a significant move in the country’s growing adoption of cryptocurrency amid a sharp U.S. dollar shortage.
Key points:
- Major automakers Toyota, Yamaha, and BYD have begun accepting Tether (USDT) in Bolivia, marking a key step in the country’s crypto adoption amid a dollar shortage.
- Bolivia signed a bilateral agreement with El Salvador to explore cryptocurrency policy and tools, aiming to enhance financial inclusion for households and small businesses.
- Citizens are increasingly using digital assets for everyday needs like purchases, remittances, and savings, showing crypto and stablecoins as practical alternatives during the country’s currency crisis.
In an X post posted on Sunday, Tether CEO Paolo Ardoino shared the news of these vehicle manufacturers accepting Tether. “Your vehicle in digital dollars,” Ardoino wrote, originally in Spanish. “USDT is the digital dollar for hundreds of millions in the emerging markets,” he added.
Ardoino posted several photos showing a dealership promoting USDT as an “easy, fast, and safe” payment option for car purchases. BitGo, a digital asset security and custody provider, confirmed in a post on X that the first Toyota in Bolivia was purchased using USDT. The company also noted that Toyota and Tether have teamed up with BitGo to facilitate stablecoin payments, “delivering safe custody, stable transactions, and seamless experiences.”
In late July, Bolivia signed a bilateral agreement with El Salvador to explore cryptocurrency as an alternative to traditional fiat money, advancing efforts to modernize its financial infrastructure amid a growing currency crisis.
Under the new agreement, Bolivia and El Salvador will collaborate on cryptocurrency policy and exchange digital asset intelligence tools, aiming to boost financial inclusion for households and small businesses. The Central Bank of Bolivia called cryptocurrency a “viable and reliable alternative” to traditional fiat, indicating a potential shift in the nation’s approach to money management.
Bolivia’s growing adoption of cryptocurrency amid its currency crisis emphasizes how digital assets and stablecoins are emerging as practical alternatives for daily transactions. Facing soaring inflation and a shortage of U.S. dollars, many Bolivians are increasingly using crypto not for speculation but to purchase goods, send remittances, and safeguard their savings.
As Bolivia embraces digital currencies, the shift signals a broader trend in Latin America, where economic pressures are accelerating the adoption of crypto solutions. The country’s experience could become a blueprint for others exploring stablecoins and blockchain-based payments, showing how technology can provide resilience and flexibility in challenging financial landscapes.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
