Tether CEO Paolo Ardoino says USDT is becoming increasingly important in several emerging markets, where people and businesses use the dollar-pegged stablecoin for payments, international transactions and savings.
Ardoino specifically pointed to Venezuela, Argentina, Bolivia and Turkey, where inflation, currency depreciation, limited access to U.S. dollars and restrictions within traditional financial systems have contributed to demand for digital dollar alternatives.
Key takeaways
- USDT is increasingly being used as a digital dollar in economies facing currency instability.
- Chainalysis ranked Turkey 14th, Venezuela 18th and Argentina 20th in its 2025 Global Crypto Adoption Index.
- Latin America recorded nearly $1.5 trillion in crypto activity between July 2022 and June 2025.
- Tether says its ecosystem reached more than 570 million users globally by March 2026.
Currency instability is driving demand for digital dollars
USDT is designed to maintain a value close to one U.S. dollar, giving users access to dollar-denominated digital value without requiring a traditional U.S. bank account.
For people living in countries where local currencies are losing purchasing power, stablecoins can provide an alternative way to hold dollar exposure. They can also be transferred between compatible wallets and exchanges, potentially making cross-border transactions easier.
However, access, transaction costs and regulatory treatment vary significantly between jurisdictions.
Turkey remains an important example. Although inflation has declined from its 2024 highs, price pressures remain elevated. The IMF projected year-end inflation of 23% for 2026, highlighting the continuing demand for alternatives to the Turkish lira.
Argentina has faced similar challenges involving inflation, currency depreciation and foreign-exchange restrictions, creating additional demand for dollar-linked assets.
Venezuela and Bolivia demonstrate real-world use
Venezuela has developed a particularly active cryptocurrency economy. Businesses and individuals have reportedly used USDT for everyday transactions as well as certain international trade and settlement activities.
Chainalysis estimates that Venezuela received approximately $44.6 billion in cryptocurrency between July 2022 and June 2025. The figure covers the country’s overall crypto activity rather than USDT specifically.
Bolivia provides another notable example. The country’s central bank publishes a reference exchange rate for USDT based on peer-to-peer trading activity on Binance.
The data illustrate how USDT can trade at a premium relative to the country’s official dollar exchange rate when access to foreign currency is constrained.
Bolivia has also been moving toward greater integration of digital assets into its payments ecosystem. Some financial institutions already provide USDT-related services, while businesses have explored cryptocurrency for international payments and other commercial transactions.
However, USDT has not been formally established as legal tender in Bolivia, so claims that it already has equivalent status should be treated cautiously.
Latin America has become a major crypto market
The broader regional numbers reinforce the growing role of digital assets.
Chainalysis estimated that Latin America generated nearly $1.5 trillion in cryptocurrency activity between July 2022 and June 2025.
Argentina accounted for approximately $93.9 billion, followed by Venezuela with $44.6 billion and Bolivia with $14.8 billion.
Centralized exchanges processed around 64% of regional activity, suggesting that most users continue to access crypto through traditional exchange platforms rather than decentralized protocols.
Stablecoins are particularly prominent. Data from Bitso showed that dollar-denominated stablecoins represented about 40% of purchases on its platform during 2025, compared with 18% for Bitcoin. Those figures cover multiple Latin American markets and should not be interpreted as country-specific data.
Tether’s reach continues to expand
Tether says its products were being used by more than 570 million people worldwide by March 2026.
That figure is a company estimate rather than a verified count of unique individuals, since a single person can control multiple blockchain addresses.
USDT’s supply has also continued expanding. Tether reported a record supply of roughly $188 billion during 2026, reinforcing its position as the world’s largest dollar-pegged stablecoin.
Still, wider adoption does not eliminate the risks associated with stablecoins. USDT is not a conventional bank deposit, and holders remain exposed to issuer, regulatory, wallet, blockchain and liquidity risks.
As governments introduce new stablecoin rules and exchanges adjust their policies, the availability and use of USDT could change significantly across individual markets.
The broader trend is clear: in countries where access to stable currencies is limited, USDT is increasingly functioning as a digital dollar infrastructure for savings, payments and cross-border commerce.
