Tether Adoption Grows: Toyota, Yamaha, BYD Accept USDT in Bolivia
The Bolivia’s shortage of U.S. dollars has touched crisis levels, forcing companies to search for other options. As a result Toyota...
Quick overview
- Bolivia's shortage of U.S. dollars has led companies like Toyota and BYD to accept Tether (USDT) as payment for vehicles.
- The Bolivian government ended its ban on cryptocurrencies in June 2024, recognizing virtual assets as legal to support trade and investment.
- Bolivia's foreign reserves have collapsed by 98% over the past decade, prompting a significant rise in cryptocurrency payments, which reached $294 million in the first half of 2025.
- The political landscape will influence the future of digital assets in Bolivia, with upcoming elections potentially shaping the country's approach to blockchain technology.
The Bolivia’s shortage of U.S. dollars has touched crisis levels, forcing companies to search for other options. As a result Toyota Yamaha and BYD have begun taking Tether (USDT) as payment for vehicles. This shows how quickly digital dollars are entering everyday transactions in the country.
Automakers Move into Digital Payments
On September 21, Tether head Paolo Ardoino confirmed the move. He also shared photos from La Paz dealerships with banners saying, “Tu vehículo en dólares digital,” or “Your vehicle in digital dollars.” The message made it clear that paying with USDT is now treated on par with using cash.
Toyota, BYD, Yamaha accepting USDT in Bolivia
"Tu vehiculo en dolares digital"
USDT is the digital dollar for hundreds of millions in the emerging markets.
Ubiquity. pic.twitter.com/0X0SH3USXX— Paolo Ardoino 🤖 (@paoloardoino) September 21, 2025
Just a day before on September 20, security firm BitGo announced that the first Toyota purchase in Bolivia had been completed with USDT. The company explained that it worked with Tether and Toyota Bolivia to create a payment system that let buyers keep control of their funds while making direct transfers. This setup was designed to make transactions safe and straightforward.
History was made tonight: the first Toyota was purchased in Bolivia with $USDT. 🛻@ToyosaBolivia, and @Tether_to has partnered with BitGo to make stablecoin payments possible, delivering safe custody, stable transactions, and seamless experiences.
Stablecoins are powering a… pic.twitter.com/eFpfCMZTDg
— BitGo (@BitGo) September 20, 2025
Toyota had already been testing new digital tools before this step. In July 2024, its research arm introduced a vehicle identity program based on blockchain. Later, Toyota Finance issued tokenized bonds linked to the Toyota Wallet. These efforts showed the company was preparing for a future where digital transactions would play a larger role.
From Ban to Adoption
For many years Bolivia had banned the use of cryptocurrency. The Regulators feared fraud, money laundering and losing control over the boliviano. Yet the worsening dollar shortage left businesses with fewer ways to pay for imports or trade abroad.
Due to this on June 25, 2024, the government ended the ban and recognized “virtual assets” as legal. The new law allowed banks to handle Bitcoin and stablecoin payments and to guide customers through licensed exchanges. The change designed to support trade bring in investment and place digital use under oversight rather than in unregulated markets.
Adoption spread quickly. On March 2025, the state oil company YPFB was cleared to cover fuel imports using either dollars or cryptocurrency. Previously in October 2024, Banco Bisa launched storage and transfer services for USDT, giving clients a secure way to use digital dollars through a regulated bank.
Reserves Collapse and Daily Impact
The financial picture remains severe. Bolivia’s foreign reserves have collapsed by 98% in a decade, falling from $12.7 billion in July 2014 to only $171 million in August 2025, according to Trading Economics. This loss of reserves has weakened trust in the boliviano and made stablecoins a practical an additional for daily use.
The Central Bank reported $294 million in cryptocurrency payments during the first half of 2025, compared to just $46.5 million in 2024. At airports, shops now list snacks and drinks in USDT. Importers also rely on digital dollars to keep goods flowing.
On September 16, TowerBank executive Gabriel Campa described the method. He said businesses purchase USDT locally or through offshore accounts, then switch it into U.S. dollars to pay suppliers. Some goods are listed directly in digital dollars creating a cycle that lets trade continue even with limited reserves.
Political Choices Ahead
Politics will also play a role in shaping the path forward. The Bolivia faces a run-off election on October 19. Candidate Rodrigo Paz Pereira of the Christian Democratic Party has promised to use blockchain tools to increase transparency and curb corruption. His rival, Jorge “Tuto” Quiroga of the Freedom and Democracy alliance has not given a clear position on digital assets. The result will decide how far the country moves with this policy.
Bolivia is headed to an October presidential election runoff that would spell the end of two decades of almost-uninterrupted socialist rule and likely transform both the nation’s economic model and its relations with Washington https://t.co/5D7XLqjdCT
— Bloomberg (@business) August 18, 2025
The Bolivia’s shift is part of a larger trend in Latin America. Countries through the region are turning to stablecoins to cope with inflation and weak currencies. Data from Chainalysis shows adoption rose from 53% in 2024 to 63% in 2025.The Latin America handled $415 billion in digital asset activity, or 9.1% of global use in the middle of July 2023 and June 2024
Brazil ranked fifth worldwide in usage while Venezuela was 18th and Argentina 20th. In Argentina inflation has climbed above 100%. In Mexico the peso has fallen 23% this year. In both cases people have turned to digital dollars instead of holding local money.
Bolivian lawmaker Mariela Baldivieso said in August 2025 that recent reforms are already making the country a leader in the region. She claimed that full integration of digital currency could place Bolivia among the top five adopters in Latin America.
¡Un gran paso para la adopción de criptoactivos en Bolivia! 🚀
A partir de este lunes 28 de octubre, estará disponible un nuevo servicio de custodia, compra y venta de USDT. Esto representa un avance significativo hacia la integración de criptomonedas en el país, acercándonos a… pic.twitter.com/a7zzhsn0c0
— Mariela Baldivieso (@baldmariela) October 27, 2024
In little more than a year Bolivia has gone from banning digital assets to making them part of daily commerce. Automakers now sell cars in USDT. State companies use it for imports. Banks store it for clients. Shops list items in digital dollars.
Therefore, the dollar shortage has forced a rapid financial shift. Stablecoins, once seen with caution, are now helping to keep Bolivia’s economy alive.
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