- Toyota, Yamaha, and BYD dealers in Bolivia now accept Tether (USDT) for payments.
- Bolivia’s USDT liquidity jumped from $20K to $1M within a year of crypto legalization.
- Dollar shortages push Bolivian businesses to stablecoins, with cars now sold in USDT.
Bolivia’s economic reality is forcing change and it’s showing up on their car lots. With the country running short on U.S. dollars, dealers of Toyota, Yamaha, and BYD are now taking Tether (USDT) for payments. What was once an outright ban on crypto is now giving way to mainstream adoption, with stablecoins stepping in where cash has become scarce.
The rollout comes through Toyosa, the exclusive distributor of these brands in Bolivia, which has introduced QR-code payments powered by Tether and BitGo. For the first time, Bolivians can purchase cars and even pay for spare parts or servicing, directly in USDT. It’s a development that signals how quickly stablecoins are embedding themselves in real-world economies under stress.
Tether Streamlines Car Purchases in Bolivia
From Ban to Mainstream in Less Than Two Years
Only a year ago, crypto payments were prohibited in Bolivia. That changed when the Banco Central de Bolivia lifted the ban in mid-2024, issuing a new policy framework.
Since then, USDT usage has surged. Bitfinex data shows liquidity has grown from about $20,000 to nearly $1 million in under twelve months, a fiftyfold jump that reflects strong, pent-up demand.
Tether’s Role in the Transaction
Paolo Ardoino, CEO of Tether, confirmed that the first Toyota purchase in Bolivia has already been completed in USDT, facilitated by BitGo. The collaboration between Tether, BitGo, and Toyosa marks one of Latin America’s first large-scale commercial stablecoin integrations.
For Tether, this is more than just another market listing, it shows how USDT can function as a day-to-day settlement currency for big-ticket items, not just for crypto traders.
Why Stablecoins Fit Bolivia’s Economy
Bolivia’s international reserves have fallen to critically low levels, creating an ongoing shortage of dollars for businesses. Imports, especially vehicles, have been hit hard, with dealers struggling to source liquidity for cross-border payments.
Related: Tether Exec Touts Stablecoins for Remittances as ‘Stablecoin Summer’ Heats Up
Stablecoins like USDT solve that problem by enabling fast settlement and predictable value without going through banks strapped for dollars. For companies selling high-value goods, this creates a smoother and more reliable way to close deals.
Political Timing Adds Weight
The timing is significant. Bolivia faces elections amid inflation, rising costs, and voter frustration over the economy. Candidates, including Rodrigo Paz Pazeira, have called for blockchain technology to improve transparency and governance.
Against that backdrop, seeing Toyota, BYD, and Yamaha tied to a Tether rollout adds a layer of political symbolism. It positions stablecoins not only as a business tool but also as part of the country’s reform narrative.
Broader Implications
According to a recent IMF report, Bolivia has experienced a scarcity of FX due to its critically low international reserves of fuel and gold.
Meanwhile, the Bolivians are preparing to go to the ballot to elect a new leader. Rodrigo Paz Pazeira, who is running for president with the Christian Democratic Party, has already proposed implementing blockchain technology in the country to help enhance transparency in governance.
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