Bolivia is evaluating the integration of Tether's USDT stablecoin into its national payments system to address a scarcity of U.S. dollars. Economy Minister José Gabriel Espinoza confirmed the review, which follows a June 2024 decision to lift a ban on crypto, leading to a surge in transaction volume to $14.8B. While banks are already adopting USDT, the plan faces hurdles as Bolivia remains on the FATF's grey list for financial crime risks.
USDT integration proposal
- ▪The proposal remains under technical review, and USDT has not been granted legal-tender status
- ▪Tether CEO Paolo Ardoino commented that USDT is increasingly used as a "cornerstone" in emerging market economies
- ▪Economy Minister José Gabriel Espinoza stated the government is considering allowing USDT to circulate alongside the boliviano and the U.S. dollar
- ▪Bolivia is evaluating a proposal to integrate Tether's USDT stablecoin into its national payments system
Dollar scarcity drivers
- ▪In early 2026, Bolivia moved from a fixed U.S. dollar peg to a floating exchange rate
- ▪Bolivians have increasingly used USDT for savings, imports, and remittances due to a scarcity of physical U.S. dollars
Crypto policy shift
- ▪Crypto transaction volume in Bolivia increased from $46.5 million in the first half of 2024 to $294 million in the same period of 2025
- ▪Bolivia's central bank lifted its ban on cryptocurrency transactions in June 2024
- ▪Bolivia recorded $14.8 billion in crypto transactions between July 2024 and June 2025, ranking eighth in Latin America
Banking sector adoption
- ▪State-controlled Banco Unión began allowing customers to buy USDT via its Yasta wallet for international payments in April 2026
- ▪Car dealerships in Bolivia for Toyota, BYD, and Yamaha started accepting USDT for vehicle sales in September 2025
- ▪In October 2024, Banco Bisa launched custody services for USDT
Regulatory challenges
- ▪Official adoption of USDT would require Bolivia to implement stronger anti-money laundering controls to address FATF concerns
- ▪Economy Minister José Gabriel Espinoza Yáñez stated that crypto assets must be "carefully evaluated" due to the country's FATF grey list status
- ▪Bolivia is on the Financial Action Task Force's (FATF) grey list, indicating deficiencies in its anti-money laundering regime
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