Argentinians Now Buy Dairy with USDT at Central Market!21. Mai 2023
• Tether and KriptonMarket have partnered to enable people in Argentina to pay bills with the USDT stablecoin at the Central Market of Buenos Aires.
• The move is aimed at providing companies with the ability to accept and pay bills with USDT, and also give users a payment option that is pegged to the United States dollar.
• This partnership will reduce intermediation costs, as well as help citizens combat hyperinflation and fiat devaluation.
Stablecoin Adoption In Argentina
The Central Market of Buenos Aires supplies over 12 million people per month in Argentina, and has enabled companies to accept payments with USDT — a stablecoin issued by Tether — through its new partnership with on-/off-ramp platform KriptonMarket. Companies now have an additional payment option that is pegged to the US dollar, helping them shield against market fluctuations.
Benefits Of Stablecoins For Argentinian Citizens
Argentina has been facing significant issues due to currency devaluation and hyperinflation, making it difficult for citizens to make ends meet on their salaries. With this new partnership, citizens can use USDT for their purchases at the Central Market of Buenos Aires, reducing intermediation costs while also providing them with a safe haven from macroeconomic shocks. Additionally, employers are now able to pay a percentage of salaries using this stablecoin.
April’s inflation rate rose to 108.8% year-over-year in Argentina — its highest level since 1991 after rising 104.3% in March — making it increasingly difficult for citizens to manage financially without other means of payment such as cryptocurrencies or stablecoins like USDT. The Argentine central bank recently elevated its benchmark interest rate but tight monetary policy does not appear sufficient enough yet to curb price escalation..
Crypto As A Solution To Financial Discrimination
Paolo Ardoino, chief technology officer of Tether said that “with the continuing devaluation of their nation’s currency [Argentinians], need solutions to pursue their own financial freedom” which they can do through technologies provided by blockchain such as cryptocurrencies or stablecoins like USDT that offer users a way out from financial discrimination by allowing them access use decentralized money that isn’t subject market fluctuations or government control.
Emerging Markets Lead The Way In Crypto Adoption
Daniel Fogg from IOV Labs said that emerging markets are leading the way when it comes to crypto adoption as people turn towards digital assets as an alternative solution amidst macroeconomic uncertainty; thus giving themselves greater financial freedoms than traditional currencies provide them with right now