Tether CEO: Toyota, YAMAHA, and BYD accept USDT payments in Bolivia.

Bolivia's foreign exchange reserves have plummeted from 12.7 billion USD in 2014 to only 171 million USD this August, causing local residents to worry about the declining purchasing power of their fiat ( boliviano ) due to the dollar shortage. To find a way out, well-known car manufacturers Toyota (, YAMAHA, and BYD ) announced that they would accept stablecoin USDT for payments locally, and even airport shops and import trade have started to adopt stablecoin settlements.

BTC and stablecoins become forex reserves, sharply reducing the solution.

According to data from Trading Economics, Bolivia's forex reserves reached a nearly ten-year high of 12.7 billion USD in July 2014. However, by August 2025, it had dwindled to only 171 million USD, a decrease of nearly 98%. The shortage of USD has raised concerns among the public about the purchasing power of the Boliviano.

In response to the shortage of US dollars, the country's government officially lifted the ban on cryptocurrencies in June 2024, allowing banks to handle Bitcoin (BTC) and stablecoin transactions. In fact, in March of the same year, the state-owned oil company Yacimientos Petrolíferos Fiscales Bolivianos was approved by the government to use cryptocurrencies to pay for fuel imports and related costs, becoming the first official large-scale use of cryptocurrencies.

The Central Bank of Bolivia subsequently publicly stated at the end of July this year that cryptocurrency is a "viable and reliable alternative," and signed a memorandum of cooperation with El Salvador to accelerate the implementation of cryptocurrency.

The picture shows the representatives of the central banks of Bolivia and El Salvador signing a memorandum of cooperation. USDT can be used locally to purchase vehicles from the three major international car manufacturers.

The worsening situation of the US dollar shortage has also led to the rapid popularization of cryptocurrency payments among the public. Tether CEO Paolo Ardoino announced on Twitter (X) on 9/21 that three major international car manufacturers, TOYOTA, YAMAHA, and BYD, have accepted payments in USDT at their dealers in Bolivia.

The cryptocurrency custodian BitGo also confirmed that the first TOYOTA model paid for with USDT has been successfully completed, and assisted the dealer in establishing a self-managed wallet system to ensure transaction security.

On-site photos show that car dealers have posted signs for "Simple, Fast, Safe" USDT payments. In addition to car dealerships, airport shops across Bolivia have also started pricing basic goods in USDT. Local importers purchase USDT using domestic or overseas accounts, then convert it to USD to pay overseas suppliers, with some goods even being priced directly in USDT.

The presidential election is approaching, which will determine the country's crypto policy direction.

In the face of economic crisis and the cryptocurrency boom, Bolivia will hold its second round of presidential elections on 10/19, with the centrist Christian Democratic Party candidate Rodrigo Paz Pereira facing off against the conservative former president Jorge Tuto Quiroga.

The picture shows the candidate of the centrist Christian Democratic Party, Pas, being interviewed.

Paz advocates for strengthening anti-corruption and public governance through blockchain technology, while Quiroga's stance on cryptocurrency remains unclear. This election is not just a key turning point after nearly 20 years of long-term governance by socialist parties in Bolivia, but it may also usher in the first non-leftist president, which will determine the direction of future economic recovery and cryptocurrency policy.

(Tether launches the US-regulated stablecoin "USAT" and appoints Bo Hines as CEO)

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