Tether, the issuer of the largest stablecoin globally, has partnered with crypto on/off ramp platform KriptonMarket to enable USDT transactions in the Central Market of Buenos Aires. Tether has stated that the collaboration with KriptonMarket will permit market vendors to receive payment for goods and services with USDT while also paying their bills and a portion of their employees’ wages with the same stablecoin. The Central Market of Buenos Aires, which is one of the largest fruits and vegetable markets in Latin America, houses 900 wholesale and 50 retail businesses and employs over 2,000 individuals. This move by Tether is promising for many of these merchants and customers since Argentina is currently experiencing hyperinflation. Data from the National Institute of Statistics and Census indicates that Argentina’s inflation moved over 108.8% in April 2023, marking its highest value since 1991. The partnership hopes to shield Argentine small-scale businesses from their country’s inflation rate while also removing intermediation costs through direct digital transactions between businesses and their final consumers. Paolo Ardoino, Chief Technology Officer of Tether, has stated that the introduction of Tether to business owners in Buenos Aires can set an example that could be replicated globally. Tether and KriptonMarket will conduct educational programs across Buenos Aires to raise the next generation of crypto enthusiasts and blockchain businesses in tandem with the innovative payment system. At present, USDT remains the largest stablecoin in the market, with a total market cap of $82.9 billion, as per Tradingview. Stablecoins such as USDT help serve as an inflation hedge for nations like Nigeria, Colombia, Venezuela, Sudan, among others. These coins have also helped businessmen and professionals earn and transact with foreign currencies, presenting a secure and efficient route to engage in international financial markets. However, there is still a looming concern about stablecoins’ values being pegged to fiat currencies, usually the United States Dollar (USD), which might affect their worth if the use of USD decreases globally.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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