Three prominent automakers, Toyota, BYD, and Yamaha, have started accepting USDT payment options in Bolivia, as announced by Tether CEO Paolo Ardoino.
Ardoino celebrated this milestone in a September 21 X post, where he said USDT is the “digital dollar” that’s now serving hundreds of millions of people, particularly in developing economies.
Yvette Espinoza from the Autoridad de Supervisión del Sistema Financiero (ASFI), Bolivia’s financial regulator, noted the initiative has enabled the country to facilitate crypto transactions within a regulated framework.
The expansion traces back to the Bolivian resolution to remove the crypto ban, enacted June 25, which gave official status to “virtual assets” and permitted financial institutions to direct client transactions to crypto exchanges.
Beginning in October 2024, Bolivia’s Banco Bisa launched custodial services for Tether’s USDT to provide customers with trading capabilities. Recently, Bolivia’s Central Bank signed a memorandum of understanding with El Salvador’s National Commission of Digital Assets to advance crypto development, viewing it as a “trusted alternative” to traditional currencies.
Bolivia expanded the use of crypto in the public sector on March 13, when President Luis Arce’s cabinet authorized YPFB to conduct crude oil import transactions using either USD or cryptocurrency.