Paolo Ardoino, the CEO of stablecoin issuing company Tether (CRYPTO: USDT), revealed on Sunday that major automobile companies have begun accepting USDT payments in Bolivia.
Tether CEO Invokes ‘Digital Dollar’
In an X post, Ardoino said that Toyota Motor Corp. (NYSE:TM), BYD (OTC:BYDDY) and Yamaha Motor (OTC:YAMHF) dealerships in the South American nation are accepting USDT, the world’s largest stablecoin by market capitalization
He shared pictures from the showrooms, where posters displayed the message “Tu vehículo en dólares digital,” which translates to “Your vehicle in digital dollars.”
“USDT is the digital dollar for hundreds of millions in the emerging markets. Ubiquity,” Ardoino said.
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The Soaring Inflation In Bolivia
Bolivians are facing a rising economic crisis, with inflation at 40-year highs, according to Reuters. This year alone, inflation has doubled, from 12% in January to 24.15% in August, according to Trading Economics, pushing the public toward safe-haven assets.
Tether Aims To Maintain Stablecoin Dominance
Tether’s USDT, with a market capitalization of $172 billion, has been generating significant profits. Earlier this month, the company announced plans to launch USA₮, a U.S.-regulated stablecoin designed to comply with the GENIUS Act.
Parallel to the stablecoin launch, Tether has continued to expand its gold investment strategy across the precious metals supply chain. According to reports, the company has held discussions with mining groups and investment firms about opportunities across the gold supply chain. Notably, Ardoino previously described gold as a “natural Bitcoin.”
Price Action: Toyota shares closed down 0.76% to $198.95 on Friday, according to data from Benzinga Pro.
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