Tether CEO Paolo Ardoino shared pictures of goods at a Bolivian airport store priced at the company’s stablecoin, USDT, suggesting that growing unofficial use of cryptocurrency in the middle of the country’s economy.
On a Saturday x PostArdoino shares images of items that are priced at USDT (USDT) in Bolivia, including sun and sweet sunglasses. A picture showed a notice to customers whose prices were set in USDT:
“Our products are priced at the USDT (Tether), a stable cryptocurrency with a reference price that knows the day -to -day Central Bank of Bolivia, based on the rate from Binance (a cryptocurrency trading platform),” the notice read.
The notice states that customers can pay either local Fiat Currency, Bolivianos, or US dollar. USDT was used to promote the dollar-Bolivianos exchange rate.
Related: From prohibition to adoption: The evolution of crypto policy in Bolivia
The making of waves in Bolivia
The notice and the items are photographed on the duty fly, an airport store that offers items that are free of charge to its customers. Neither the Duty Fly nor Tether responded to Cointelegraph’s request for comment.
It is unclear how widely used the USDT as a pricing benchmark throughout Bolivia, but other reports suggest that Stablecoin is gaining great popularity in the country. In late October 2024, the major local banco banks valid began to offer a careful service for USDTsaying it will enable its clients to buy, sell and move the asset through the bank.
Related: Bolivia to use crypto to pay for energy import – Report
Bolivia’s economy has collapsed
Bolivia’s economy is in steep decline. The country’s available foreign reserves fell From $ 15 billion in 2014 to $ 1.98 billion in December 2024, equivalent to 2.9 months of import. At that amount, the cash is less than $ 50 million, and the rest is gold.
Bolivia has a thriving black market for dollars, with street rate Reach about 10 Bolivianos per dollar to mid 2024. The current official exchange rate approaches 7 Bolivianos per US dollar.
The Bolivian government also Spend Almost $ 56 million per week imports diesel and gasoline, however it still faces the country’s deficiencies. Local consumer price inflation stands in 14.6% Until March 2025.
One of Ardoino’s photos shared was showing an Oreos pack that was priced between 15 and 22 USDT, emphasizing the rapid erosion of local currency purchase power.
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