Growing Use of USDT in Bolivia Amid Economic Crisis

Tether CEO Paolo Ardoino recently shared photos of goods priced in USDt, the company's stablecoin, at a Bolivian airport shop. This indicates a rise in unofficial cryptocurrency usage in Bolivia due to the country's struggling economy. The images displayed items like sunglasses and sweets priced in USDt, with a notice informing customers about the stable cryptocurrency's reference price set by the Central Bank of Bolivia. Customers were given the option to pay in Bolivianos or US dollars. The photos were taken at Duty Fly, an airport duty-free shop. Reports suggest that USDT is gaining popularity in Bolivia, with Banco Bisa offering custody services for the stablecoin. Bolivia's economy is facing challenges, with dwindling foreign reserves and high inflation rates. The use of USDT as a pricing benchmark highlights the currency's increasing influence in the country. Read more AI-generated news on: https://app.chaingpt.org/news