Tether CEO Paolo Ardoino said on Aug. 23 that several developing economies increasingly rely on USDT for domestic commerce, international trade and dollar-denominated savings. He specifically cited Venezuela, Argentina, Bolivia and Turkey as markets where people use the stablecoin in response to inflation, currency depreciation, limited access to dollars and restrictions within conventional financial systems.
Ardoino said businesses and individuals use USDT for trade settlement, peer-to-peer transactions and value preservation. He added that Tether's financial inclusion mission has become more important as stablecoin use expands. Chainalysis ranked Turkey 14th, Venezuela 18th and Argentina 20th in its 2025 Global Crypto Adoption Index, while Venezuela ranked ninth worldwide when adjusted for population. The firm measured nearly $1.5 trillion in Latin American crypto activity between July 2022 and June 2025, with Argentina accounting for an estimated $93.9 billion, Venezuela $44.6 billion and Bolivia $14.8 billion.
Local examples include Venezuelan businesses using USDT for retail payments and import-export settlements, while Bolivia's Central Bank publishes a reference USDT exchange rate based on peer-to-peer activity on Binance. Bolivia has also seen USDT used in fuel-related transactions, with state and private banks integrating the stablecoin into mobile applications. In Argentina, USDT is widely used in the street economy and peer-to-peer market, though USDC competes for corporate users requiring formal tax and accounting treatment. Turkey continues to see elevated inflation, with the IMF projecting 23% inflation at the end of 2026, and residents use USDT to protect purchasing power.
Tether reported that its technology served more than 570 million users worldwide as of March 2026, and its reported USDT supply reached a record $188 billion during 2026. Ardoino's statement describes Tether's view of adoption, and no single public dataset measures how dependent entire national economies are on USDT. Still, independent blockchain research, central bank data and exchange activity support the broader conclusion that dollar stablecoins have gained traction in those markets.
