Toyota, Yamaha, and BYD Embrace Tether as Bolivia Faces Dollar Shortage

Bolivia’s economic crunch is pushing global auto brands to stablecoins. Toyota, Yamaha, and BYD now accept Tether (USDT) payments as U.S. dollar reserves dwindle.

• BitGo confirmed the country’s first Toyota purchase with USDT.
• Bolivia lifted its crypto ban in June 2024, enabling banks to process Bitcoin and stablecoin transactions.
• Foreign reserves dropped 98% since 2014, fueling demand for stable alternatives.
• Importers pay suppliers in USDT, creating a circular crypto economy.
• October’s presidential runoff could shape Bolivia’s crypto-friendly future.

Bolivia’s pivot to stablecoins has accelerated in the wake of a steep economic downturn. With foreign exchange reserves plunging from $12.7 billion in 2014 to just $171 million this August, businesses are searching for alternatives to the scarce U.S. dollar. After the government ended a long-standing crypto ban in June 2024, global automakers Toyota, Yamaha, and BYD began accepting Tether (USDT) as payment.

Tether CEO Paolo Ardoino showcased photos of dealerships promoting USDT as an “easy, fast, and safe” payment method. Crypto security firm BitGo partnered with Tether and Toyota Bolivia to manage self-custody solutions and confirmed the country’s first Toyota purchase with Tether over the weekend.

The adoption extends beyond car sales. Importers now buy stablecoins locally or through offshore accounts, convert them to U.S. dollars, and pay suppliers. Some businesses even list products directly in USDT, creating a stablecoin-driven trade cycle. Shops in airports are pricing goods in Tether to keep pace with the currency crisis.

Bolivia’s central bank has gone as far as calling crypto a “viable and reliable alternative” and signed an agreement with El Salvador to boost adoption. Meanwhile, the upcoming October 19 presidential runoff between Rodrigo Paz Pereira and Jorge “Tuto” Quiroga will determine whether blockchain-based transparency initiatives—and broader crypto-friendly policies—gain traction under the next administration.

Final Thought

As Bolivia’s dollar reserves continue to shrink, stablecoins like Tether are becoming essential tools for commerce and trade. The nation’s next government could decide how deeply crypto integrates into everyday financial life.