• Argentina’s Central Market now supports USDT transactions with the help of Tether and KriptonMarket.
• The partnership will reduce intermediation costs, provide a payment option pegged to the US dollar, and give users the ability to pay bills or salaries in USDT.
• This move is a result of Argentina’s high inflation rate and devaluation of its fiat peso currency.
Argentina’s Central Market Enables Stablecoin Payments
The Central Market of Buenos Aires — one of Latin America’s largest movers of fruits and vegetables — has enabled purchases using USDT (USDT) stablecoin. This was made possible through a collaboration between stablecoin issuer Tether and on-/off-ramp platform KriptonMarket.
What Benefits Will This Bring?
The partnership will bring several benefits including: reducing intermediation costs; providing users with a payment option pegged to the United States dollar; and offering companies the ability to accept and pay bills with USDT as well as pay employee salaries with the stablecoin.
Who Does This Partnership Affect?
The Central Market supplies over 12 million people per month in Argentina and is home to more than 500 wholesale companies, employing over 2,000 workers. Therefore, this move could potentially benefit many people in Argentina who are looking for alternative payment options due to hyperinflation experienced in their country.
Why Is Crypto Adoption Growing In Argentina?
April’s inflation rate rose to 108.8% year-over-year in Argentina, remaining at its highest level since 1991 after rising 104.3% in March. As such, crypto adoption is booming in Argentina due to its fiat peso devaluation resulting from hyperinflation. Using USDT as an alternative payment option could allow people to avoid market fluctuations when dealing with financial matters.
What Does Tether Have To Say About This Move?
Paolo Ardoino, Chief Technology Officer at Tether said: “With the continuing devaluation of their nation’s currency, the people of Argentina need solutions to pursue their own financial freedom. If we are able to contribute to the well-being of an entire country through the state-of-the-art technologies provided by blockchain, we will be one step closer to ending financial discrimination.”