International Automakers Adopt Crypto in Bolivia

Three leading global vehicle manufacturers are now accepting Bolivian tethers, a significant move that connects to the challenges posed by dwindling US dollar reserves and highlights a broader shift toward cryptocurrency in Latin America.

According to Tether CEO Paolo Ardoino, Toyota, Yamaha, and Bide are accepting tethers (USDT) for transactions this Sunday. Interestingly, Bitgo confirmed that the very first Toyota purchased in Bolivia with USDT took place on Saturday.

Images shared by Ardoino depict car dealerships with signs endorsing USDT, presenting it as an “easy, fast, secure” payment method for buying vehicles.

Bitgo partnered with Tether and Bolivia’s Toyota to facilitate transactions, particularly for independent users, ensuring everything runs smoothly.

Bolivia, until recently, was one of the last countries in Latin America to hold out against cryptocurrency, but in June 2024, it lifted its long-standing ban on crypto. This change allows banks to handle Bitcoin (BTC) and stablecoin operations.

A noteworthy early adoption event occurred in March when Yacimientos Petrolíferos Fiscales Bolivianos, a state-owned oil and gas company, received government authorization to utilize crypto codes for its imports, aimed at alleviating the nation’s dollar shortage.

Bolivia’s foreign exchange reserves have dramatically decreased by 98%, plunging from $12.7 billion in July 2014 to just $171 million as of August this year. Although the national currency remains in circulation, many consumers are increasingly turning to more stable options like the US dollar and, occasionally, cryptocurrencies—perhaps out of concern for their purchasing power.

Bolivia’s leading banks have termed crypto a “viable and reliable alternative” to fiat currency. In late July, they signed an agreement with El Salvador to accelerate crypto adoption.

In the meantime, retail shops in Bolivian airports are pricing basic items in USDT to navigate the ongoing currency crisis.

Bolivian Businesses Turn to Stablecoins for Imports

Bolivian businesses sourcing products are increasingly using USDT to address their dollar shortages, as noted by Tower Bank’s digital assets leader, Gabriel Campa, in a recent interview.

Businesses purchase stablecoins through local or international banks, convert them to US dollars, and use them to pay their foreign suppliers. Some products are even listed in USDT, enabling a stablecoin-based circular economy to sustain trade and operational activities.

The Bolivian crypto market has exploded, with daily USDT liquidity skyrocketing from $20,000 a year ago to nearly $1 million. @gcampa86 … This growth is pivotal for reestablishing trade connectivity. pic.twitter.com/sepwo8ef8p

– bitfinex (@bitfinex) September 19, 2025

Bolivia’s Upcoming Election

The future of Bolivia will turn on a crucial vote on October 19, where Rodrigo Pas Pereira’s Christian Democrats will face off against Jorge Kiroga’s Freedom and Democracy Alliance.

Pas Pereira is expected to tackle corruption and is considering implementing blockchain technology for greater transparency, though Quiroga’s stance on crypto remains less clear.

Nearly two decades later, the Victory Party is set to lead Bolivia again, but it faces accusations related to the current economic troubles plaguing the nation.