Bolivia’s Economic Crisis Drives Automakers to Stablecoin Payments

Toyota, Yamaha, and BYD dealers in Bolivia have begun accepting Tether’s USDT as a payment method amid a severe U.S. dollar shortage, marking a significant shift in the country’s approach to cryptocurrency adoption. This development follows a dramatic decline in Bolivia’s foreign exchange reserves, which have fallen by 98% from $12.7 billion in July 2014 to $171 million in August 2025, according to Trading Economics data. The move underscores growing reliance on stablecoins as businesses seek alternatives to mitigate liquidity constraints.

The integration of USDT into automotive sales was facilitated by Toyosa, the exclusive distributor for Toyota, Lexus, Yamaha, and BYD in Bolivia. Partnering with crypto security firm BitGo and Panama-based Towerbank, Toyosa introduced USDT transactions at dealerships, with signage promoting the stablecoin as an “easy, fast, and safe” payment option for vehicles and spare parts. Tether CEO Paolo Ardoino confirmed the first Toyota purchase in Bolivia was completed using USDT on September 20, 2025, while BitGo highlighted its role in ensuring secure custody and transaction processing.

Bolivia’s economic crisis has accelerated the adoption of digital assets. The country lifted its cryptocurrency ban in June 2024, allowing banks to process Bitcoin and stablecoin transactions. Since then, USDT liquidity in Bolivia has surged from $20,000 to nearly $1 million within a year, reflecting strong demand for stable alternatives to the boliviano. Businesses importing goods have increasingly turned to USDT to circumvent dollar shortages, converting stablecoins to U.S. dollars for international suppliers and pricing products in USDT to sustain trade operations.

The Bolivian central bank has acknowledged cryptocurrency as a “viable and reliable alternative” to fiat currencies, signing a memorandum with El Salvador in July 2025 to accelerate regional crypto adoption. Meanwhile, airport shops and state-owned entities like Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) have also adopted USDT for fuel imports and retail sales. The country’s top bank reported $294 million in crypto payments during the first half of 2025, a 630% increase from the same period in 2024.

Political developments further highlight the significance of this transition. Bolivia will hold a presidential run-off election on October 19, with Rodrigo Paz Pereira of the Christian Democratic Party advocating for blockchain technology to enhance government transparency. His opponent, Jorge Quiroga, has not yet clarified his stance on crypto. The adoption of USDT by major automotive brands could influence public perception of digital assets as a tool for economic stability.

Regional trends indicate broader crypto adoption in Latin America. Countries like Argentina, Brazil, and Mexico have seen increased stablecoin usage amid inflation and currency depreciation. According to Chainalysis, Latin America’s crypto adoption rose to 63% in 2025, with Brazil, Venezuela, and Argentina ranking among the top 20 global adopters. Bolivia’s integration of USDT into high-value transactions aligns with this trajectory, positioning stablecoins as a critical infrastructure for trade in volatile economies.