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.

The stablecoin adoption announcement comes as Bolivia’s Central Bank (BCB) recorded crypto payment transactions of $294 million during the first six months of 2025, a 630% jump from $46.5 million in 2024.

“Digital Dollar” Strategy, How USDT Payments in Bolivia Started

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.

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.

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.

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.

Moreover, Latin America continues to see a surge in crypto payment adoption.

Bitso’s recent regional analysis reveals that economic instability and currency weakness across Latin America have transformed stablecoins like USDC and USDT into crucial wealth protection tools.

Inflation Crisis Fuels Stablecoin Adoption in Latin America

Argentina, which is battling inflation above 100%, has turned to stablecoins as a form of protection against financial volatility.

Brazil maintained consistent expansion through clear regulations and a dynamic technology sector.

Crypto adoption climbed 6% to 1.9 million users, with stablecoins comprising 26% of transactions.

Source: Bitso

Colombian investors have also embraced stablecoins after facing limitations on USD banking services.

Mexico holds its position as a leading regional crypto hub, where Bitcoin and USDT dominate international transfers amid the peso’s 23% decline.