Tether’s USDT appears on store price tags in Bolivia as locals turn to stablecoins amid inflation, currency devaluation, and worsening economic conditions.
Images of duty-free Bolivian goods priced in USDT were posted by Tether CEO Paolo Ardoino, indicating the stablecoin’s increasing use as a benchmark currency in a faltering economy.
In light of the country’s struggling economy, Tether CEO Paolo Ardoino has posted images of items in an airport store priced in USDt, the company’s stablecoin. This suggests that the cryptocurrency is being used more and more informally.
Ardoino posted pictures of sunglasses and candies priced in Bolivian dollars (USDT$1.00) in a Saturday X post. Customers were informed in one image that pricing was in USDT.
The warning stated, “Our products are priced in USDT (Tether), a stable cryptocurrency with a reference price as determined by Binance, a cryptocurrency trading platform, and updated daily by the Central Bank of Bolivia.”
According to the announcement, customers could pay with US dollars, Bolivianos, or local fiat money. The dollar-Bolivianos exchange rate was set using USDT.
USDT is causing a stir in Bolivia.
Duty Fly, an airport store that provides duty-free goods to its patrons, is where the notice and the merchandise were photographed.
Although it’s unclear how common USDT is used as a price standard throughout the country, other sources indicate that the stablecoin is becoming increasingly well-liked there. Banco Bisa, a significant local bank, started providing a custody service for USDT in late October 2024, claiming that it would let its customers purchase, sell, and transfer assets via the bank.
The country’s economy is in ruins.
The economy of Bolivia has been rapidly contracting. By December 2024, the nation’s usable foreign reserves had dropped from $15 billion in 2014 to $1.98 billion, or just 2.9 months’ worth of imports. Less than $50 million of that sum was in cash, with the remainder being in gold.
As of mid-2024, the street rate for dollars in the country is approximately 10 Bolivianos per dollar, indicating a robust black market. The official exchange rate is close to seven Bolivianos for every US dollar.
Even though the government imports over $56 million worth of gasoline and diesel every week, the country still has shortages. As of March 2025, the local Consumer Price Index inflation rate was 14.6%.
Arduino posted a picture of a pack of Oreos that ranged in price from 15 to 22 USD, highlighting the sharp decline in the purchasing power of the local currency.
