Toyota, Yamaha, and BYD have started accepting Tether (USDT) payments in Bolivia as the country struggles with a severe shortage of U.S. dollars. The move marks one of the most significant signs of crypto adoption in Latin America’s most recent former crypto holdout.

Tether CEO Paolo Ardoino confirmed the development on Sunday, with BitGo, a crypto security firm, verifying that the first Toyota was purchased with USDT a day earlier. Photos shared online show Bolivian dealerships openly promoting Tether as a “fast and safe” option for buying vehicles. BitGo partnered with Tether and Toyota Bolivia to provide secure self-custody solutions and smooth settlement of payments.

Bolivia only lifted its long-standing crypto ban in June 2024, allowing banks to process Bitcoin and stablecoin transactions. Since then, crypto adoption has accelerated rapidly. In March, state-owned oil company YPFB received government approval to use crypto for fuel imports, a direct response to the collapse of the country’s foreign reserves. Data shows Bolivia’s reserves have plunged 98% over the past decade, falling from $12.7 billion in 2014 to just $171 million in August 2025.

Stablecoins are now emerging as a lifeline. Bolivian businesses importing goods are increasingly using USDT to bypass dollar shortages, often buying stablecoins locally or through offshore accounts before converting them to pay international suppliers. Even airport shops have begun pricing items in USDT as confidence in the boliviano weakens.

The crisis is also shaping Bolivia’s political future. On October 19, the country will hold a decisive run-off election. Candidate Rodrigo Paz Pereira has pledged to use blockchain for transparency in governance, while rival Jorge “Tuto” Quiroga has been less clear on crypto policy. Whoever wins will inherit an economy now partially running on stablecoins.