🇧🇴 USDT Adoption in Bolivia Amid Dollar Scarcity
🌍 Paolo Ardoino, CEO of Tether, recently shared images of items priced in USDT in Bolivia, highlighting a significant milestone for the dollar-pegged stablecoin. This development occurs amidst unrest in the country due to shortages of dollars and gas.
💱 Stablecoins are gaining traction in Latin America, particularly in countries facing dollar shortages and currency controls. Bolivia is experiencing a unique adoption phenomenon where USDT is being used as a unit of account. Ardoino stated on social media,
In Bolivia, real prices in shops are displayed in USDT. A quietly revolutionary shift: digital dollars are powering daily life, commerce, and economic stability.
🛒 Retailers in Bolivia have begun pricing items in USDT, although customers can still pay in fiat or U.S. dollars using the central bank's reference exchange rate. This shift comes despite the Bolivian government's hostile measures against stablecoins, including a ban on using them as a dollar proxy for gas purchases.
📈 However, since the ban on using the financial system for crypto purchases was lifted last year, Bolivia has seen a surge in cryptocurrency activity. Tether has emphasized its focus on emerging markets where access to the U.S. dollar is limited. The company recently participated in an investment round for Orionx, a financial services provider offering stablecoin-based services, to strengthen its presence in Latin America. Additionally, Tether made a strategic investment in Shiga, a pan-African blockchain financial solutions provider, demonstrating its commitment to reaching dollar-starved economies.
