Tether CEO Says Developing Economies Are Relying Heavily on USDT

Highlights:

• Tether CEO Paolo Ardoino says developing economies increasingly rely on USDT for domestic and international trade.
• Venezuela and Bolivia are using USDT more widely as currency weakness and dollar shortages pressure local economies.
• Argentina and Turkey also show strong stablecoin demand as people seek protection from inflation and currency depreciation.

Several developing economies are relying heavily on Tether’s USDT for domestic and international trade, according to Tether CEO Paolo Ardoino. In an August 23 post on X, Ardoino said the stablecoin has become increasingly important in countries where people face currency instability and limited access to traditional financial services.

“Several developing Countries’s economies are heavily relying on USDT for both internal and foreign commerce,” Ardoino wrote. He also said Tether’s financial inclusion mission is now more important than ever.

CriptoNoticias reported on August 23 that the trend is particularly visible in Venezuela, Bolivia, Argentina, and Turkey. In these markets, USDT is increasingly used as a digital alternative to the U.S. dollar when local currencies lose value or physical dollars are difficult to obtain.

Tether CEO Says USDT Use Is Rising Across Several Developing Countries

Tether CEO Paolo Ardoino said on Aug. 23 that USDT adoption is increasing in developing countries including Venezuela, Argentina, Bolivia and Turkey, according to CriptoNoticias.

He said the stablecoin is… pic.twitter.com/yZYL2LveM4

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Venezuela and Bolivia See Growing USDT Use

Venezuela is one of the clearest examples mentioned in the report. Years of currency devaluation and financial restrictions have created a mixed economy where the bolivar, physical U.S. dollars, and digital assets are used together.

USDT use in Venezuela has also expanded beyond individual users. According to the report, small and medium-sized businesses use the stablecoin to settle some import and export transactions. This gives companies another option when traditional correspondent banking creates difficulties.

CriptoNoticias also cited Chainalysis data referenced by the Venezuelan Chamber of Electronic Commerce, or CAVECOM-e. The data places Venezuela among the leading countries worldwide for cryptocurrency adoption per person. Meanwhile, USDT adoption has gained momentum in Bolivia amid a physical U.S. dollar shortage that has persisted for more than two years. The stablecoin is now being used in more complex commercial transactions, including fuel purchases.

Bolivia’s Ministry of Economy and Public Finance is also evaluating the possibility of including USDT in the national payment system alongside the boliviano. In addition, state and private banks have integrated stablecoin services into their mobile applications, while peer-to-peer crypto activity has continued to expand.

USDT Demand Extends to Argentina and Turkey

Argentina shows a similar trend. According to the report, USDT has a strong presence in peer-to-peer markets and everyday transactions. People use dollar-linked stablecoins as a way to preserve value and convert funds into pesos when needed. However, USDT faces competition in the institutional market. USDC is seeking demand from companies that require stricter accounting and tax compliance.

Outside Latin America, Ardoino has previously pointed to Turkey as another major market for USDT. Persistent inflation has encouraged people to move savings away from the Turkish lira and toward the dollar-linked stablecoin to protect their purchasing power. The examples support Ardoino’s broader point that USDT is being used for more than cryptocurrency trading. In countries facing inflation, currency controls, dollar shortages, or banking friction, the stablecoin has become part of payments, savings, and commercial activity.