Goods Priced in USDT in Bolivian Retail as Economy Crumbles
Tether CEO Paolo Ardoino posted images from a Bolivian airport shop, Duty Fly, where goods are priced in USDt (Tether's stablecoin), indicating its unofficial adoption amid Bolivia's economic decline. A notice in the shop states that prices are set in USDT, which is used to determine the dollar-Bolivianos exchange rate, while customers can pay in local currency or US dollars. Reports suggest growing popularity of USDT in Bolivia, with Banco Bisa recently offering custody services for the stablecoin. Bolivia's economy has deteriorated significantly, with foreign reserves dropping from $15 billion in 2014 to $1.98 billion by December 2024. The black market for dollars thrives, with street rates around 10 Bolivianos per dollar, while the official rate nears 7. The country faces fuel shortages despite spending $56 million weekly on imports, and inflation rates are high, with food prices surging.
