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Major automakers in Bolivia accept USDT payments as crypto ban lifted
Leading car manufacturers, including Toyota, BYD, and Yamaha, have begun accepting payments in USDT in Bolivia, as crypto transactions surged following the government’s decision to lift its ban on cryptocurrencies.
The announcement was made on X by Tether CEO Paolo Ardoino, who described USDT as a “digital dollar” now serving hundreds of millions of people, particularly in developing nations.
The auto industry’s adoption of USDT coincided with a report from Bolivia’s Central Bank, which registered $294 million in crypto payments during the first half of 2025—a 630% increase compared to $46.5 million in 2024.
Digital dollar strategy
Bolivia expanded the use of cryptocurrencies in the public sector on March 13, when President Luis Arce’s cabinet authorized YPFB to carry out crude oil import operations using either U.S. dollars or crypto.
On June 25, Bolivia officially lifted the ban on crypto payments. The decree granted “virtual assets” official status and allowed financial institutions to route client transactions through cryptocurrency exchanges.
Yvette Espinoza from Bolivia’s Financial System Supervisory Authority (ASFI) emphasized that this initiative simplified crypto transactions under a regulated system.
A recent Bitso regional analysis highlighted that economic instability and currency weakness across Latin America have turned stablecoins like USDC and USDT into key capital-protection tools.
Mexico remains the region’s crypto hub, with Bitcoin and USDT dominating cross-border remittances amid a 23% peso decline. Argentina, facing inflation above 100%, has also turned to stablecoins as a hedge against financial volatility.
The latest Chainalysis Global Crypto Adoption Index shows adoption in Latin America rose from 53% in 2024 to 63% year-over-year, reinforcing the region’s status as one of the fastest-growing crypto markets.
As we wrote, Bolivia shifts to digital assets for energy purchases
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