- Toyota, Yamaha, and BYD now accept Tether’s USDT in Bolivia to address the critical shortage of dollar reserves.
- Importers in Bolivia use USDT for international trade, converting stablecoins to dollars to pay suppliers and price goods.
Three automobile companies—Toyota, Yamaha, and BYD—now permit payments using Tether’s USDT stablecoin in Bolivia. This step responds to a sharp decline in the nation’s holdings of U.S. dollars. Paolo Ardoino, who leads Tether, verified the arrangement. The digital asset security company BitGo assisted with completing the initial vehicle sale conducted with USDT.
Bolivia removed its prohibition on cryptocurrency transactions in June 2024. That decision authorized financial institutions to handle payments involving Bitcoin and stablecoins. Previously, the government had allowed the state-controlled energy firm Yacimientos PetrolÃferos Fiscales Bolivianos to use digital currencies for purchasing imported fuel. That approval also stemmed from a lack of accessible U.S. dollars.
Official figures illustrate a steep reduction in Bolivia’s foreign currency reserves. According to Trading Economics, the reserve balance fell by 98 percent between July 2014 and August 2024. It dropped from $12.7 billion to $171 million.
Businesses that import goods into Bolivia have turned to USDT to maintain their trade operations. Gabriel Campa, the digital assets lead at TowerBank, outlined the method. Firms obtain stablecoins within Bolivia or from overseas accounts. They exchange those stablecoins for U.S. dollars to settle invoices with international suppliers.
Subsequently, certain items receive price tags in USDT, forming a closed loop that supports ongoing commercial activity. Meanwhile, Bolivia’s central bank has recognized cryptocurrencies as a workable substitute for traditional money, reinforcing this direction through a recent cooperation agreement with El Salvador.
