Charles Esther
Tether CEO Paolo Ardoino recently shared photos from a Bolivian airport shop showing goods priced in the company’s stablecoin, USDt.
This development suggests an unofficial but growing use of the cryptocurrency in Bolivia as the country grapples with a severe economic downturn.
Goods Priced in USDt at Bolivian Airport Shop
In a post on X (formerly Twitter), Ardoino displayed images of items such as sunglasses and sweets being priced in USDt at Duty Fly, a duty-free shop in a Bolivian airport.
One photo included a notice informing customers that prices were set in USDT (Tether), a stable cryptocurrency.
The notice stated, “Our products are priced in USDT (Tether), a stable cryptocurrency with a reference price informed daily by the Central Bank of Bolivia, based on the rate from Binance (a cryptocurrency trading platform).”
Customers were offered the option to pay using the local fiat currency Bolivianos, US dollars, or USDT.
USDT was also used as a reference to establish the dollar-Bolivianos exchange rate.
Growing Popularity of USDt in Bolivia
While it is unclear how widespread USDT pricing is across Bolivia, reports indicate the stablecoin is gaining significant popularity.
In October 2024, Banco Bisa, one of Bolivia’s major banks, began offering a custody service for USDT.
This service allows clients to buy, sell, and transfer USDt directly through the bank, reflecting increasing institutional acceptance of cryptocurrency in the country.
Bolivia’s Economic Struggles Fuel Cryptocurrency Adoption
Bolivia’s economy has suffered a sharp decline in recent years.
Foreign reserves plunged from $15 billion in 2014 to just $1.98 billion by December 2024, covering only 2.9 months of imports.
Of that, less than $50 million was held in cash, with the remainder held in gold.
The country faces a thriving black market for US dollars, where the street rate reached roughly 10 Bolivianos per dollar by mid-2024, far higher than the official rate nearing 7 Bolivianos per dollar.
Inflation and Shortages Add to Economic Pressure
Bolivia’s government spends around $56 million weekly on diesel and gasoline imports but continues to face nationwide fuel shortages.
The Consumer Price Index inflation rate stood at 14.6% as of March 2025, underscoring the rapid erosion of the local currency’s value.
One image shared by Ardoino showed a pack of Oreos priced between 15 and 22 USDT, highlighting how the stablecoin is being used to sidestep currency instability.
Conclusion
As Bolivia’s economy continues to weaken, stablecoins like USDt are becoming a practical alternative for pricing and transactions.
The unofficial adoption of USDt reflects the search for financial stability amid ongoing currency devaluation and inflation.
Whether this trend will grow further or prompt official cryptocurrency policy changes remains to be seen.
For now, USDt is making waves as a digital lifeline in Bolivia’s economic uncertainty.
