On June 7, 2025, Tether CEO Paolo Ardoino highlighted the increasing use of USDt in Bolivia, showcasing goods priced in the stablecoin at a Bolivian airport shop. This development underscores the growing role of USDT as a reference currency in a struggling economy.
Ardoino shared images of items, including sunglasses and sweets, priced in USDT. A notice at the shop, Duty Fly, informed customers that prices were set in USDT, with payment options in Bolivianos or US dollars. The exchange rate is determined using USDT based on Binance rates.
Bolivia's economy is facing significant challenges. The country's usable foreign reserves plummeted from $15 billion in 2014 to $1.98 billion by December 2024, covering only 2.9 months of imports. The black market exchange rate reached approximately 10 Bolivianos per dollar as of mid-2024, while the official rate neared 7 Bolivianos per US dollar.
The local Consumer Price Index stood at 14.6% as of March 2025, with food prices up 25%, and rice up 58% in a year. One photo showed a pack of Oreos priced between 15 and 22 USDT, illustrating the rapid decline in the local currency's purchasing power.