Tether CEO Paolo Ardoino says USDT adoption is growing in Venezuela, Argentina, Bolivia and Turkey, where people are increasingly using the dollar-backed stablecoin for domestic commerce, international trade and savings. Ardoino said on August 23 that people in these developing economies are turning to USDT amid inflation, currency depreciation, limited access to US dollars and restrictions in traditional financial systems.
While there is no single dataset showing that entire economies depend on USDT, blockchain and market data point to growing demand for dollar stablecoins in these countries.
USDT is designed to maintain a value close to the US dollar. It can provide a rather easy option for consumers to get exposure to a digital version of the dollar without having a US bank account in nations where the native currency is losing buying value.
The stablecoin is helpful for cross-border transactions since it can transfer across compatible wallets and exchanges. In situations where standard foreign transfers are costly, time-consuming, or impossible to access, this might be very alluring.
One example is Turkey. Prices are still under pressure even if inflation has significantly decreased since its peak. Turkey’s inflation rate was predicted by the International Monetary Fund to reach 23% by the end of 2026.
Argentina is dealing with a comparable issue. People and companies are searching for alternatives to the peso as a result of the nation’s struggles with inflation and foreign exchange constraints.
Crypto adoption data also highlight the region’s growing interest. Chainalysis ranked Turkey 14th, Venezuela 18th and Argentina 20th in its 2025 Global Crypto Adoption Index. Venezuela ranked ninth globally when adoption was adjusted for population.
In Venezuela, USDT is reportedly used by some businesses for retail payments as well as import and export transactions. The country has developed what can best be described as a mixed currency environment, with bolivars, physical dollars and crypto being used side by side.
Bolivia offers another interesting example. Its central bank publishes a reference USDT exchange rate based on peer-to-peer activity on Binance. The data provide an indication of how USDT trades against the official dollar rate in the country.
Bolivia has also moved towards recognising crypto as part of its broader payment system. Some local banks now provide USDT-related services, while businesses have used digital assets for international payments.
Still, it is important not to overstate the trend. Tether’s claims about adoption reflect the company’s own view, and blockchain activity does not automatically show how much USDT is being used for everyday purchases.
Tether says its products served more than 570 million people by March 2026 and that USDT supply reached a record $188 billion during the year. The company remains the dominant issuer of dollar-backed stablecoins.
For users in economies struggling with inflation or weak currencies, however, the attraction is easy to understand. USDT offers a digital dollar that can be moved quickly across borders and used outside traditional banking channels.
That does not make it risk-free. Users remain exposed to issuer, regulatory, wallet and blockchain risks, and access to USDT can change as governments introduce new rules.
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