Tether CEO Paolo Ardoino has posted photos showing products at a Bolivian airport shop priced in USDt, the company’s stablecoin—pointing to the cryptocurrency’s growing unofficial use amid the country’s struggling economy.
In a June 7 post on X, Ardoino shared images of items like sunglasses and sweets with price tags marked in USDt (USDT). One image also displays a notice informing customers that product prices are listed 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.
According to the sign, customers can still pay using Bolivianos or U.S. dollars, but USDT is used as the basis for calculating the exchange rate between the two currencies.
USDt is rapidly gaining traction in Bolivia
The photos were taken at Duty Fly, a duty-free airport shop. Both Duty Fly and Tether declined to comment when contacted by Cointelegraph.
While the extent of USDT’s use as a pricing reference across Bolivia remains uncertain, signs point to its growing popularity. In October 2024, Banco Bisa—one of Bolivia’s leading banks—launched a USDT custody service, allowing customers to buy, sell, and transfer the stablecoin directly through the bank.
Bolivia’s economy falters
Bolivia’s economy has been sharply deteriorating. Usable foreign reserves have plunged from $15 billion in 2014 to just $1.98 billion by December 2024—enough to cover only 2.9 months of imports. Of that, less than $50 million is held in cash, with the remainder in gold.
A thriving black market for U.S. dollars has emerged, where the exchange rate hit around 10 Bolivianos per dollar by mid-2024, significantly higher than the official rate, which hovers near 7 Bolivianos per dollar.
The Bolivian government is spending around $56 million each week on diesel and gasoline imports, yet the country continues to experience widespread fuel shortages. Inflation remains a pressing issue, with the Consumer Price Index reaching 14.6% as of March 2025—food prices up 25%, and rice alone surging 58% year-over-year.
One of the photos shared by Paolo Ardoino highlights the impact of this economic strain: a pack of Oreos priced between 15 and 22 USDT, a stark illustration of the Boliviano’s declining purchasing power.
