Tether USDT stablecoin seen on Bolivian store price tags

Tether CEO Paolo Ardoino has shared photos of goods in a Bolivian airport shop priced in the company’s stablecoin, USDt, suggesting growing unofficial use of the cryptocurrency in the country’s ailing economy.

In a June 7 X post, Ardoino shared images of items being priced in USDt (USDT) in Bolivia, including sunglasses and sweets. One photo also shows a notice to customers warning that prices are set in USDT:

“Our products are priced in USDT (Tether), a stable cryptocurrency with a reference price informed daily by the Central Bank of Bolivia, based on the rate from Binance (a cryptocurrency trading platform),” the notice reads.

The notice states that customers can pay in either local fiat currency, Bolivianos, or US dollars. USDT is instead used to establish the dollar-Bolivianos exchange rate.

USDt making waves in Bolivia

The notice and the items were photographed at Duty Fly, an airport shop offering duty-free items to its customers. Neither Duty Fly nor Tether responded to Cointelegraph’s request for comment.

It’s unclear how widespread the use of USDT as a pricing benchmark is across Bolivia, but other reports suggest that the stablecoin is gaining considerable popularity in the country. In late October 2024, major local bank Banco Bisa began offering a custody service for USDT, stating that it would enable its clients to buy, sell and transfer the asset through the bank.

Bolivia’s economy crumbles

Bolivia’s economy has been in steep decline. The country’s usable foreign reserves fell from $15 billion in 2014 to $1.98 billion in December 2024, equivalent to only 2.9 months of imports. Of that amount, less than $50 million was in cash, and the rest was in gold.

Bolivia has a thriving black market for dollars, with the street rate reaching approximately 10 Bolivianos per dollar as of mid-2024. The current official exchange rate is approaching 7 Bolivianos per US dollar.

The Bolivian government also spends approximately $56 million per week importing diesel and gasoline, yet it still faces nationwide shortages. The local Consumer Price Index stood at 14.6% as of March 2025, 25% for food, and rice is up 58% in a year.

One of the photos shared by Ardoino showed a pack of Oreos priced between 15 and 22 USDT, underscoring the rapid erosion of the local currency’s purchasing power.