Tether CEO reports rising USDT adoption in Venezuela, Argentina, Bolivia, and Turkey driven by currency devaluation and cross-border trade demand.
DeFi & Yields ·
Tether CEO Paolo Ardoino reported on August 23 that USDT adoption is rising across Venezuela, Argentina, Bolivia, and Turkey, with the stablecoin serving multiple functions in these economies. According to Ardoino, increased use stems from local currency devaluation, dollar shortages, and financial restrictions, with the stablecoin deployed for both domestic transactions and cross-border settlement needs.
The specific applications vary by country: Venezuela relies on USDT for import and export settlements, Bolivia uses it for commercial transactions, Argentina sees peer-to-peer trading activity, and Turkey employs it as an inflation hedge. In each case, USDT functions as either a medium of exchange for trade or a store of value amid macroeconomic pressures.
The extent of actual transaction volumes and the proportion of total trade activity represented by USDT adoption in these markets remain unspecified. No timeline for future growth or additional countries under consideration was disclosed.