Three car manufacturers, Toyota, Yamaha, and BYD, have begun accepting Tether
$1.00
as a payment method in Bolivia in response to an ongoing shortage of US dollars.
Tether’s CEO, Paolo Ardoino, confirmed on X that the three companies accept USDT, and BitGo, a digital asset security firm, reported that the first purchase of a Toyota vehicle using Tether had already taken place in the country.
A photo shared by Ardoino shows a car dealership promoting USDT as a secure and convenient payment method.
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Behind the scenes, BitGo has been supporting the process by helping Toyota’s local operations in Bolivia manage the self-custody of digital assets and ensure that transactions proceed smoothly.
Until recently, Bolivia was one of the few countries in the region that had not embraced cryptocurrency. That changed in June 2024, when the government ended a long-standing ban, which gave banks permission to handle stablecoin and Bitcoin
$112,989.94
transactions.
In March, Bolivia’s state-owned energy firm, Yacimientos PetrolÃferos Fiscales Bolivianos, was approved to use cryptocurrency for purchasing fuel from abroad.
Local companies that depend on imports have been using stablecoins like USDT to keep business moving. According to Gabriel Campa, head of digital assets at TowerBank, these firms often buy stablecoins either locally or through foreign accounts, convert them into US dollars, and use those to pay their suppliers.
Nubank, a digital bank in Latin America, announced plans to allow customers to use stablecoins when paying with credit cards. What did vice-chairman Roberto Campos Neto say? Read the full story.
