Tether CEO Paolo Ardoino shared photos of products priced in the company's stablecoin USDT at a store in a Bolivian airport, suggesting that the unofficial use of this cryptocurrency is increasing amid the country's economic difficulties.
In a post on X on June 7, Paolo shared images of Bolivian goods priced in Tether (USDT), including sunglasses and candy. One of the photos also showed a notice warning customers that prices are set in USDT:
Our products are priced in USDT (Tether), a stable cryptocurrency whose reference price is updated daily by the Central Bank of Bolivia based on the exchange rate from Binance, a cryptocurrency trading platform.
The notice indicated that customers could pay with the local currency, the Boliviano, or US dollars. USDT is used to determine the exchange rate between the dollar and the Boliviano.
These notices and product photos were taken at Duty Fly, an airport store that offers customers duty-free goods. Neither Duty Fly nor Tether responded to Cointelegraph's request for comment.
It is currently unclear how widespread the use of USDT as a pricing benchmark is in Bolivia, but other reports indicate that this stablecoin is gaining considerable popularity in the country. By the end of October 2024, the local major bank Banco Bisa began offering custody services for USDT, indicating that this would allow customers to buy, sell, and transfer the asset through the bank.
The Bolivian economy has been in sharp decline. The country's available foreign exchange reserves have dropped from $15 billion in 2014 to $1.98 billion by December 2024, equivalent to just 2.9 months of imports. Of this, cash amounts to less than $50 million, with the remainder in gold.
Bolivia has a thriving black market for dollars, with street exchange rates reaching about 10 Bolivianos per dollar by mid-2024. The current official rate is close to 7 Bolivianos per dollar.
The Bolivian government spends about $56 million weekly on importing diesel and gasoline but still faces nationwide shortages. As of March 2025, the local consumer price index was at 14.6%, with food prices rising by 25% and rice prices increasing by 58% within a year.
In the photos shared by Paolo, a pack of Oreos is priced between 15 to 22 USDT, highlighting the rapid erosion of purchasing power of the local currency.
Related: Major tech companies consider adopting stablecoins, GENIUS bill debate continues
Original: “Tether's stablecoin USDT appears on price tags in Bolivian stores”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
