Three leading automakers, Toyota, BYD, and Yamaha, have introduced support for payments in Tether’s USDT stablecoin in Bolivia, marking a significant expansion of cryptocurrency use in the country. The development was highlighted by Tether’s chief executive Paolo Ardoino, who referred to the stablecoin as a digital dollar that is increasingly serving people in emerging economies.
Rapid Growth in Crypto Transactions
Bolivia’s Central Bank reported that crypto payments in the country reached 294 million dollars in the first half of 2025, a sharp increase of 630 percent compared to 46.5 million dollars in the same period of 2024. This surge has been closely tied to the country’s decision to reverse its earlier restrictions on cryptocurrency.
A resolution adopted on June 25 officially recognized virtual assets, lifting the longstanding ban and allowing financial institutions to facilitate client transactions with crypto exchanges. Regulators explained that this framework has provided a secure and transparent environment for crypto adoption within the financial system.
The government had already taken steps earlier in March when the cabinet authorized state-owned energy company YPFB to settle crude oil imports using either US dollars or cryptocurrencies. This was followed by Banco Bisa’s decision in October 2024 to launch custodial services for Tether’s USDT, enabling customers to trade and hold stablecoins directly.
International Collaboration and Regional Momentum
Bolivia has also sought international cooperation to advance its crypto sector. The Central Bank recently signed an agreement with El Salvador’s National Commission of Digital Assets, signaling an intent to treat cryptocurrencies as a reliable alternative to traditional money.
This development fits into the broader trend across Latin America, where economic instability and currency depreciation are driving increasing reliance on stablecoins. Studies from regional platforms such as Bitso indicate that coins like USDC and USDT are being used not only for transactions but also as tools to protect personal and corporate wealth.
Inflation Drives Stablecoin Adoption
Argentina has become one of the most prominent examples of this trend, as inflation surpassing 100 percent has prompted citizens to adopt stablecoins as a safeguard against volatility. Brazil has seen steady adoption supported by clear regulations and its vibrant technology sector, recording 1.9 million crypto users with stablecoins accounting for over a quarter of all transactions.
Toyota, BYD, Yamaha accepting USDT in Bolivia
"Tu vehiculo en dolares digital"
USDT is the digital dollar for hundreds of millions in the emerging markets.
Ubiquity. pic.twitter.com/0X0SH3USXX— Paolo Ardoino 🤖 (@paoloardoino) September 21, 2025
In Colombia, restrictions on dollar banking services have accelerated demand for stablecoins, while Mexico has reinforced its position as a leading hub where Bitcoin and USDT dominate international transfers amid sharp peso depreciation.
¡Un gran paso para la adopción de criptoactivos en Bolivia! 🚀
A partir de este lunes 28 de octubre, estará disponible un nuevo servicio de custodia, compra y venta de USDT. Esto representa un avance significativo hacia la integración de criptomonedas en el país, acercándonos a… pic.twitter.com/a7zzhsn0c0
— Mariela Baldivieso (@baldmariela) October 27, 2024
Regional statistics confirm this upward trajectory. Data from the Chainalysis Global Crypto Adoption Index showed that Latin America’s overall adoption rate grew from 53 percent in 2024 to 63 percent in 2025. The region processed nearly 415 billion dollars in digital assets between July 2023 and June 2024, representing 9.1 percent of global cryptocurrency activity. Brazil ranked fifth globally in adoption, followed by Venezuela in 18th place and Argentina in 20th.
Bolivia’s Push Toward Digital Finance
Bolivian legislator Mariela Baldivieso emphasized that integrating cryptocurrency into the financial system could strengthen regional economies, suggesting that Bolivia’s recent measures position the country among the top five adopters in Latin America. These reforms, she noted, demonstrate a growing commitment to progressive financial innovation.
Toyota’s participation in this milestone reflects its broader involvement in blockchain initiatives. In July 2024, the company’s Blockchain Lab presented plans for a mobility-oriented account system on Ethereum, designed to give vehicles blockchain-based identities for future autonomous operations. Soon after, Toyota’s finance arm introduced blockchain-backed security token bonds tied to its digital wallet services, providing exclusive benefits to customers using Toyota Wallet.
A Transformative Moment
The entry of global automakers into Bolivia’s stablecoin payments market highlights how digital assets are becoming integrated into everyday commerce. With support from both private corporations and public institutions, Bolivia is positioning itself at the forefront of stablecoin adoption in Latin America, reflecting a regional shift toward digital finance as an answer to inflation and currency instability.