In Bolivia, major car dealers Toyota, Yamaha, and BYD have begun accepting the Tether (USDT) stablecoin as payment for vehicles. This step comes in response to the sharp decline of the country’s foreign reserves, which have fallen from $12.7 billion to just $171 million over the past decade.

The first Toyota purchase made with USDT was confirmed by BitGo, a company that, through its partnership with Tether, helps secure cryptocurrency payments. Car dealerships have already displayed signs promoting the stablecoin as a “fast and reliable” payment method.

Cryptocurrencies only became legal in Bolivia in June 2024, when the government lifted its ban and allowed banks to process transactions with Bitcoin and stablecoins. Since then, businesses have increasingly turned to them as an alternative to the U.S. dollar. The state-owned oil and gas company is already using cryptoassets to purchase fuel abroad, and local airport shops have begun pricing goods in USDT.

The use of Tether is also spreading among importers: companies buy stablecoins on the local market or through offshore accounts, convert them into dollars, and pay for supplies. This practice is creating a “circular economy” around USDT that supports trade amid the currency crisis. Within a year, daily liquidity turnover in USDT in the country has risen from $20,000 to nearly $1 million.

The political situation is also shaping the outlook for the crypto market. In October, the second round of presidential elections will take place, with one of the candidates promising to implement blockchain technology to fight corruption. This could further strengthen the role of cryptocurrencies in the country.

As the boliviano retains its official status but loses public trust, stable digital assets are becoming a vital tool for both businesses and citizens. USDT is evolving into a bridge between the local economy and international trade.

To avoid risks when working with cryptocurrency, it is important to use reliable platforms. For secure exchanges and quick access to stablecoins, services like Best-Obmen are worth considering.

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