Key Highlights
- Paolo Ardoino, Tether’s chief executive, reports increasing USDT usage across Venezuela, Argentina, Bolivia and Turkey amid economic turbulence
- Citizens in these regions are embracing USDT as a digital dollar substitute when national currencies deteriorate or dollar access becomes restricted
- According to Chainalysis’s 2025 Global Crypto Adoption Index, Venezuela placed 18th, Turkey 14th, and Argentina 20th worldwide
- Between July 2022 and June 2025, Latin American markets processed approximately $1.5 trillion in cryptocurrency transactions
- By March 2026, Tether announced its ecosystem had reached over 570 million global users
On August 23, Paolo Ardoino, chief executive of Tether, announced that USDT stablecoin usage is accelerating across Venezuela, Argentina, Bolivia and Turkey. According to Ardoino, residents of these nations are increasingly adopting the stablecoin as their national currencies depreciate and obtaining physical U.S. dollars becomes increasingly difficult.
“USDT has become a critical component of economic infrastructure in multiple developing nations, facilitating both internal commerce and cross-border transactions,” Ardoino stated in his announcement.
USDT functions as a dollar-pegged digital asset. This allows individuals to maintain exposure to U.S. dollar value without requiring American banking relationships, while enabling instant transfers across wallets and trading platforms.
Turkey has experienced persistent inflationary pressures over recent years. Consumer price inflation decreased from 49.4% in September 2024 to 30.9% by December 2025. The International Monetary Fund forecasts approximately 23% inflation through the end of 2026. Within this economic landscape, numerous Turkish citizens utilize USDT to preserve purchasing power.
Argentina has encountered comparable economic challenges. The nation recorded 3.4% monthly inflation in March 2026 amid currency devaluation. Peer-to-peer USDT transactions have emerged as a preferred method for Argentinians seeking to maintain dollar-based asset holdings.
Business Applications in Venezuela and Bolivia
Venezuelan enterprises have integrated USDT into everyday commercial operations, including retail transactions and international trade settlements. The stablecoin functions within a multi-currency framework that includes bolivars, physical U.S. dollars, and various digital currencies.
Data from Chainalysis indicates Venezuela processed $44.6 billion in cryptocurrency value from July 2022 through June 2025. The nation secured 18th position in global crypto adoption rankings and ninth place when adjusted for population density.
Bolivia demonstrates particularly strong institutional acceptance. The country’s central banking authority publishes an official USDT reference rate derived from peer-to-peer trading data on Binance. Several domestic financial institutions now provide USDT-related services, while corporations leverage cryptocurrency for international remittances and energy sector payments.
In its January financial stability assessment, Bolivia’s central bank highlighted ongoing challenges including foreign exchange limitations, elevated inflation levels, and diminished international reserve holdings.
Chainalysis data reveals Latin America generated nearly $1.5 trillion in cryptocurrency transaction volume between July 2022 and June 2025. Argentina contributed $93.9 billion to this total, Venezuela added $44.6 billion, and Bolivia represented $14.8 billion.
Dollar-denominated stablecoins comprised 40% of all purchases made by Bitso platform users during 2025, significantly outpacing Bitcoin at 18%. Bitso maintains operations throughout multiple Latin American territories.
According to Tether, its suite of products reached more than 570 million individuals by March 2026. The company’s USDT circulation achieved an unprecedented $188 billion in 2026, solidifying its position as the dominant dollar-backed stablecoin by market capitalization.
However, users should remain aware of inherent risks. USDT depends on Tether’s reserve holdings rather than governmental insurance programs, and regulatory developments could impact accessibility.
