Bolivia is weighing the possibility of allowing Tether’s USDT stablecoin as an official form of payment, following recent steps to open its financial sector to digital assets. The move comes as the country’s government pursues broader regulation for crypto assets, after lifting a longstanding ban on cryptocurrency transactions earlier in 2024.
Government weighs integration of stablecoins
Bolivia’s Minister of Economy, José Gabriel Espinoza Yáñez, addressed the topic in a press briefing on Friday. He explained that careful oversight is needed, as the country remains on the Financial Action Task Force (FATF) “grey list,” which identifies states facing challenges in anti-money laundering and counter-terrorism measures but committed to resolving such issues.
Espinoza Yáñez stated that new regulations are being developed to manage the use of crypto assets, especially for citizens who have already adopted such tools, often out of necessity. “We are working on regulations to govern their use for those who have adopted them, in many cases out of necessity, and know how to use them properly,” he said.
“Remember that Bolivia is on the [Financial Action Task Force] gray list, yet another consequence of the problems they left us with in the past, and these crypto assets must be carefully evaluated,” Espinoza Yáñez highlighted during the press conference.
He pointed to progress in economic management, noting improvements since the new administration took office. According to Espinoza Yáñez, these advancements result from plans implemented before the current government started, now yielding positive effects.
Crypto volumes reach multibillion-dollar levels
The South American country’s gradual policy shift led to increased crypto transaction volumes. From July 2024 to June 2025, Bolivia facilitated more than $14.8 billion in crypto trading, according to current data compiled by blockchain analytics firm Chainalysis.
These numbers place Bolivia eighth among Latin American nations for crypto usage, outpacing Ecuador, Puerto Rico, and several neighbors during the same period. Chainalysis recorded $1.5 trillion in cumulative crypto transactions across Latin America in the three years leading up to June 2025.
| Country | Crypto transaction volume (July 2024 – June 2025) | Regional rank |
|---|---|---|
| Brazil | Top-ranked | 1 |
| Argentina | High | 2 |
| Bolivia | $14.8 billion | 8 |
| Ecuador | Lower than Bolivia | Below 8 |
| Puerto Rico | Lower than Bolivia | Below 8 |
In October 2024, major lender Banco Bisa, recognized as one of Bolivia’s largest financial institutions, launched crypto custody services limited to USDT. The service permits customers to store and transfer the stablecoin but does not cover other digital assets.
Mini dictionary: Banco Bisa – One of the largest commercial banks in Bolivia, providing a wide range of financial services, including banking, insurance, and, since 2024, crypto custody for USDT.
USDT’s rising influence in emerging markets
Tether’s USDT, the largest stablecoin by market capitalization, has become increasingly popular in emerging markets due to its dollar peg and liquidity benefits. The coin ranks third among all crypto assets, with a market capitalization exceeding $184 billion.
After reports on Bolivia’s potential adoption, Tether CEO Paolo Ardoino commented that USDT is gaining ground as a financial mainstay in several emerging economies.
USDT is increasingly used as a cornerstone within several emerging markets economies, the Tether CEO posted on X.
