Tether’s USDT stablecoin is beginning to surface in unexpected places — most recently, on price tags at a shop inside a Bolivian airport, highlighting its growing role in the country’s informal economy.
Tether CEO Paolo Ardoino took to X on Saturday to share photos from a Duty Fly store in Bolivia, where various products, such as sunglasses and snacks, were labeled with prices in USDt. A sign posted in the store explained the use of the stablecoin, stating that product pricing was based on USDT, “a stable cryptocurrency,” with its daily value pegged to rates provided by the Central Bank of Bolivia, referencing Binance’s exchange rate.
The store offered customers the option to pay using Bolivianos, U.S. dollars, or USDT — with the stablecoin serving as a reference to set the conversion rate between local and foreign currencies.
USDT Adoption Gaining Ground
The shop in question, Duty Fly, operates in a duty-free zone, catering to travelers. While it’s uncertain how widespread this practice is across the country, there are increasing signs that Bolivians are turning to USDT as a more stable alternative amid economic uncertainty.
In October 2024, Banco Bisa — one of Bolivia’s major banks — began offering USDT custody services. Through the initiative, customers can now buy, hold, and transfer USDT using the bank’s infrastructure.
Economic Crisis Driving Crypto Use
Bolivia’s financial condition has deteriorated significantly in recent years. The country’s foreign currency reserves have plunged from $15 billion in 2014 to just $1.98 billion by the end of 2024 — only enough to cover about three months of imports. Notably, less than $50 million of those reserves are in cash; the remainder is primarily held in gold.
At the same time, the black market for U.S. dollars is booming. By mid-2024, the unofficial rate had climbed to around 10 Bolivianos per dollar, far above the official exchange rate of approximately 7.
Meanwhile, Bolivia continues to spend roughly $56 million weekly on importing fuel like gasoline and diesel, yet shortages remain common throughout the country. Inflation has also surged, with the Consumer Price Index reaching 14.6% as of March 2025.
Among the items pictured in Ardoino’s post was a pack of Oreos priced between 15 and 22 USDT — a striking example of how the local currency’s purchasing power has sharply declined.
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