Three major international vehicle manufacturers in Bolivia, including Toyota and Yamaha, have started accepting Tether (USDT) due to the country’s collapsing US dollar reserves, showing a significant move towards crypto adoption. BitGo has partnered with Tether and Bolivia Toyota to facilitate these transactions. Bolivia’s crypto market is growing rapidly, with daily USDT liquidity increasing from $20K to almost $1M in less than a year.

Bolivia, once a crypto holdout, lifted its ban on crypto transactions in June 2024. With its foreign exchange reserves plummeting by 98% since 2014, Bolivia is turning to stablecoins like USDT for trade and payments. Bolivian businesses are using stablecoins to navigate US dollar shortages, with some products priced in USDT. The country’s future will be determined in an upcoming run-off vote on October 19.

Read more at CoinTelegraph: Toyota, Yamaha Accept USDT in Bolivia as US Dollar Reserves Shrink