Car Companies in Bolivia Accept USDT as Payment
Three major international carmakers have started accepting Tether payments in Bolivia as the country struggles with collapsing US dollar reserves. The move marks a major step in Latin America’s adoption of cryptocurrencies.
Tether CEO Paolo Ardoino revealed that Toyota, Yamaha, and BYD are now accepting USDT for payments, while BitGo confirmed the first Toyota purchase in Bolivia with Tether on Saturday. Ardoino also shared images of a dealership showing signs promoting USDT as an “easy, fast, and safe” way to buy cars. BitGo noted it is working with Tether and Toyota Bolivia to ensure secure custody and smooth transactions.
Bolivia turns to crypto amid dollar shortages
Bolivia was one of the last countries in Latin America to embrace crypto, only lifting its ban in June 2024. Since then, banks have been allowed to process Bitcoin and stablecoin transactions. Earlier this year, the state-owned oil and gas company Yacimientos Petrolíferos Fiscales Bolivianos began accepting crypto for fuel imports to address the worsening US dollar shortage.
Foreign exchange reserves have plummeted 98% over the past decade, from $12.7 billion in July 2014 to just $171 million in August 2025. While the boliviano remains the primary currency, fears of devaluation have led many to turn to alternatives like the dollar or, increasingly, crypto. Even Bolivia’s top bank has called crypto a “viable and reliable alternative,” and recently signed a memorandum with El Salvador to accelerate adoption.
Stablecoins in business and politics
The use of stablecoins has spread quickly across Bolivia. Shops in airports now price goods in USDT, and importers rely on stablecoins to pay suppliers when dollars are scarce, according to TowerBank’s head of digital assets, Gabriel Campa. Businesses often buy USDT locally or offshore, convert it to dollars, and pay overseas partners, creating what some call a circular economy built on stablecoins.
Bolivia’s political future could further shape its path. The country will hold a run-off election on Oct. 19. Candidate Rodrigo Paz Pereira has proposed using blockchain to fight corruption, while his rival Jorge “Tuto” Quiroga has yet to clarify his stance on crypto.
Whoever wins will take over after nearly two decades of rule by the Movement for Socialism, which has been widely criticized for the nation’s economic struggles.
Sources:
https://cointelegraph.com/news/toyota-and-yamaha-accept-usdt-bolivia-as-usd-reserves-fall
https://x.com/paoloardoino/status/1969647594084155637
https://x.com/just_norm/status/1966165283833323575