22-9-2025 – Three international vehicle manufacturers—Toyota, Yamaha, and BYD—have begun accepting Tether (USDT) payments in Bolivia as the South American nation grapples with a severe US dollar shortage. Tether CEO Paolo Ardoino announced the development Sunday, while crypto security firm BitGo confirmed the first Toyota purchase using USDT occurred Saturday.
The move reflects Bolivia’s rapid embrace of digital currencies after lifting its crypto ban in June 2024. The country’s foreign exchange reserves have collapsed 98% from $12.7 billion in July 2014 to just $171 million in August, according to Trading Economics data. This crisis has pushed businesses and consumers toward stablecoins as alternatives to scarce US dollars and the weakening boliviano.
Dealership photos shared by Ardoino show signs advertising USDT as an “easy, fast, and safe” payment method. BitGo partnered with Tether and Bolivia Toyota to facilitate secure self-custody solutions for the transactions. The adoption extends beyond automotive sales—Bolivian businesses have increasingly turned to USDT for international trade, purchasing stablecoins locally or through offshore accounts to pay overseas suppliers when dollars aren’t available.
Bolivia’s state oil company received government approval to accept crypto for fuel imports in March, while airport shops have begun pricing items in USDT. The country’s central bank has called crypto a “viable and reliable alternative” to traditional currencies amid the ongoing economic turmoil.
October’s presidential runoff between Rodrigo Paz Pereira and Jorge Quiroga could shape Bolivia’s crypto future, with Pereira proposing blockchain implementation for government transparency.
