Bolivia has also signed an agreement with El Salvador's crypto authority to promote crypto development, viewing it as a reliable alternative to traditional currencies in the face of economic challenges.

Local shops at airports are now pricing goods in USDT as a strategy to combat currency devaluation and inflation, further integrating crypto into everyday transactions.

The adoption of USDT in Bolivia has surged dramatically, with crypto transactions increasing 630% in the first half of 2025 to nearly $294 million, and daily USDT liquidity rising from $20,000 to almost $1 million within a year.

This rapid growth follows the Bolivian Central Bank's decision to lift its crypto ban in June 2025, allowing banks to process Bitcoin and stablecoin transactions, after being one of Latin America's last holdouts.

Bolivia is making significant strides in crypto adoption, with major vehicle manufacturers like Toyota, Yamaha, and BYD now accepting Tether (USDT) as payment, marking a major milestone in the country's shift towards digital assets.

Overall, Latin America is experiencing a crypto boom, with the region's market growing from 53% to 63% in 2024 and accounting for 9.1% of the global crypto market, driven by economic instability and currency devaluation.

This move follows Bolivia's official legalization of virtual assets on June 25, which allows financial institutions to facilitate crypto transactions and use crypto in the public sector, including for oil imports.

Meanwhile, corporate interest in blockchain is evident with Toyota's initiatives to develop vehicle-specific blockchain identities for autonomous vehicles and to launch blockchain-based security token bonds offering perks to holders.

The partnership with BitGo has facilitated secure USDT transactions, with Toyota making its first confirmed USDT purchase last Saturday, marking a milestone in Bolivia's crypto journey.

In particular, Bolivia's state-owned oil company, Yacimientos Petrolíferos Fiscales Bolivianos, has started accepting crypto for fuel imports to address the country's severe dollar shortages, demonstrating government support for crypto use.

Bolivia's foreign exchange reserves have plummeted by 98% since July 2014, from $12.7 billion to just $171 million in August 2025, prompting citizens and institutions to turn to more stable currencies like the US dollar and crypto.

Looking ahead, a presidential runoff scheduled for October 19, 2025, could influence Bolivia's economic policies, with one candidate proposing blockchain technology to enhance transparency amid ongoing economic crises.

Institutional support is growing, exemplified by Banco Bisa in Bolivia launching custodial services for USDT in October 2024, further solidifying stablecoins' role in the country's financial landscape.