Toyosa, an exclusive dealer for Toyota and Yamaha in Bolivia, has debuted USDT payments for its sales business. Completed in a collaboration between TowerBank and Bitgo, the initiative allows customers to pay for the vehicle using Tether’s Stablecoin via QR codes.
Toyota and Yamaha are using USDT for payments in Bolivia
Toyosa, an exclusive dealer for several Bolivian automotive brands, including Toyota, Lexus, Yamaha and BYD, is jumping on Stablecoin trains that include USDT as a payment method for vehicles and motorcycles.
The move seeks to capitalize on the growing popularity of USDTs in the country, helping customers who want to get a car but have no access to actual cash. Toyosa’s initiative is part of a collaboration between Bitgo, a company that provides institutional custody for the fund, and Panama-based TowerBank, a company that provides transaction processing services.
According to a press release issued by Toyosa, this is the first time a car company has implemented massive USDT payments in Latin America and one of the first in the world.
Payments can be completed using QR codes designed to facilitate the process of completing transactions and enjoying USDT stability, compared to fluctuating prices in Fiat currency across the country.
Toyosa spokesman Edwin Sarvedora said this is not only a technological advancement, but a new way of business. “We provide our customers with a unique and simplified shopping experience by integrating Stablecoin payments. This collaboration with industry leaders such as Bitgo, Tether and TowerBank will open up a new era of financial innovation in the automotive sector,” he praised.
Tether CEO Paolo Ardoino celebrated the announcement.
He said:
USDT is a digital dollar for hundreds of millions of people in emerging markets. Ultimate.
Last year, Bolivia has seen an increase in the adoption of stubcoin in Bolivia, as unbanned encryption is not used in the country, and trading volumes have increased as the province faces the issue of dollar shortages stemming from currency management practices.
