In a groundbreaking move for the cryptocurrency industry, three major automakers—Toyota, BYD, and Yamaha—have announced that they will now be accepting USDT payments in Bolivia. This decision was confirmed by Tether CEO Paolo Ardoino in a recent post on X, where he hailed USDT as the “digital dollar” that is revolutionizing the way people in developing economies access and use digital currencies.
The adoption of stablecoins like USDT in Bolivia comes on the heels of a significant increase in crypto payment transactions in the country. According to Bolivia’s Central Bank, there was a 630% surge in crypto payment transactions, totaling $294 million in the first half of 2025, compared to $46.5 million in 2024.
The journey towards USDT payments in Bolivia began with the Bolivian government’s decision to lift the ban on cryptocurrencies on June 25. This move officially recognized virtual assets and allowed financial institutions to facilitate client transactions with crypto exchanges. Yvette Espinoza from Bolivia’s financial regulator, the Autoridad de Supervisión del Sistema Financiero (ASFI), highlighted how this initiative has paved the way for regulated crypto transactions in the country.
Further advancements in Bolivia’s crypto landscape include the authorization for YPFB to conduct crude oil import transactions using USD or cryptocurrency, as well as the launch of custodial services for Tether’s USDT by Banco Bisa in October 2024. Additionally, Bolivia’s Central Bank has signed a memorandum of understanding with El Salvador’s National Commission of Digital Assets to promote crypto development as a trusted alternative to traditional currencies.
The trend of stablecoin adoption is not unique to Bolivia, as countries across Latin America are increasingly turning to digital currencies as a means of protecting against economic instability and currency devaluation. In Argentina, where inflation has soared above 100%, stablecoins have become a popular choice for wealth protection. Brazil has also seen steady growth in crypto adoption, with stablecoins accounting for a significant portion of transactions.
Colombia, Mexico, and other Latin American countries are following suit, with an increasing number of investors turning to stablecoins amidst economic uncertainties. The Chainalysis Global Crypto Adoption Index indicates that Latin America’s crypto adoption rate has risen from 53% in 2024 to 63% in the past year, making it one of the fastest-growing regions for cryptocurrency usage.
In Bolivia, the integration of USDT payments represents a significant step towards economic modernization and financial inclusion. With progressive policy reforms and a growing acceptance of digital currencies, Bolivia is positioning itself as a key player in the region’s crypto landscape. This move by Toyota, BYD, and Yamaha to accept USDT payments is just the beginning of a new era of digital currency adoption in Bolivia and beyond.