Bolivia sees first Toyota purchase with USDT as crypto adoption surges

Key Takeaways

Who confirmed the first car purchase using USDT in Bolivia?

Crypto security firm BitGo confirmed the first Toyota was purchased with USDT, and Tether CEO Paolo Ardoino shared images from dealerships promoting the stablecoin.

What is the scale of crypto adoption in Bolivia?

The Central Bank of Bolivia recorded $294 million in crypto payments during the first half of 2025, a 630% increase from $46.5 million in 2024.

Tether’s USDT continues to dominate the stablecoin market, hitting a market capitalization of $172.279 billion, according to DefiLlama data.

Accounting for 58.8% of the total stablecoin market, USDT’s dominance is further solidified.

Source: Paolo Ardoino/X

Bolivia accepts USDT

This followed three major international vehicle manufacturers in Bolivia who started to accept USDT as a means to navigate the country’s dwindling US dollar reserves. 

Tether CEO Paolo Ardoino confirmed that Toyota, Yamaha, and BYD have started accepting USDT for vehicle payments, with the first Toyota purchased using the stablecoin on the 20th of September, verified by crypto security firm BitGo.

Ardoino also shared images from dealerships displaying signs promoting USDT as an “easy, fast, and safe” payment option for car buyers.

Source: Paolo Ardoino/X

The partnership and more

BitGo partnered with Tether and Bolivia Toyota to ensure smooth self-custody and transaction execution. Interestingly, this move comes amid a surge in crypto transactions in Bolivia.

The Central Bank of Bolivia (BCB) recorded $294 million in crypto payments during the first half of 2025, a 630% increase from $46.5 million in 2024.

Bolivian legislator Mariela Baldivieso of the Comunidad Ciudadana party further highlighted crypto’s transformative potential for Latin America’s economic framework.

She noted that Bolivia’s growing crypto adoption places it among the top five adopters in the region, backed by progressive policy reforms.

The Chainalysis Global Crypto Adoption Index also shows regional adoption rising from 53% in 2024 to 63% year-over-year, cementing Latin America as one of the fastest-growing cryptocurrency markets.

This coincided with Tether’s unveiling of USA₮, a dollar-backed token designed to comply with U.S. regulations under the GENIUS Act. 

It signaled growing efforts to align crypto with formal regulatory frameworks, even as competitors like Circle quietly expand their footprint.

Global crypto adoption

Meanwhile, MEXC’s Q1–Q2 2025 survey underscored that global adoption is also strongly driven by economic stress, cultural factors, and market cycles.

Global users cited that adoption rose from 29% to 46% in just one quarter, with East Asia and the Middle East showing the sharpest jumps.

These trends emphasize that digital assets are not only gaining mainstream use in payments and commerce but are also emerging as critical tools for financial security amid economic uncertainty.