Bolivia Explores Adding USDT Stablecoin to National Payment System

Bolivia is looking into whether Tether’s USDT stablecoin could become part of its official payment system, alongside the boliviano and the U.S. dollar. Economy Minister José Gabriel Espinoza confirmed during a press briefing that the government is studying this possibility as part of the country’s broader shift away from its earlier ban on crypto transactions.

Proposal Still Under Technical Review

According to local reporting, the plan has not yet moved beyond the evaluation stage. No formal rules have been released, and USDT has not been granted legal-tender status. Espinoza said authorities are working on a regulatory structure that would involve banks, digital wallets, and other payment providers, with added anti-money laundering safeguards given Bolivia’s placement on an international financial monitoring list for gaps in its financial crime oversight.

Crypto Adoption Grows Sharply Since Restrictions Lifted

The proposal follows a major jump in cryptocurrency use since Bolivia’s central bank lifted transaction restrictions back in mid-2024. Central bank figures show crypto transaction volume rising from $46.5 million in the first half of 2024 to $294 million during the same period the following year, an increase of more than 630% in total activity.

Dollar Shortages Push Demand for Alternatives

Much of this growth reflects businesses and everyday consumers searching for alternatives amid a shortage of U.S. dollars. Bolivia also recently abandoned its long standing fixed exchange rate, moving instead to a floating currency system. In related developments, the state energy company has previously explored using crypto for import payments, while the central bank has looked to other countries’ regulatory models for guidance. A state-owned bank and its digital wallet platform already allow customers to purchase USDT for international transfers and remittances.