Tether’s USDT Market Cap Hits $172B as Bolivia Embraces Stablecoin Payments

Tether’s USDT has reached a record market capitalization of $172.279 billion, solidifying its dominance as the world’s largest stablecoin, according to DefiLlama. The milestone coincides with a major adoption breakthrough in Bolivia, where automakers Toyota, Yamaha, and BYD have started accepting USDT for payments.

Tether CEO Paolo Ardoino hailed the development as a turning point for mainstream stablecoin adoption, describing USDT as a “digital dollar” for emerging markets. Currently, Tether controls 58.8% of the global stablecoin market, underscoring its growing influence beyond crypto-native users.

The timing is notable, as Bolivia’s central bank (BCB) recently revealed that crypto transactions hit $430 million in the year following the 2024 repeal of its blanket ban on digital assets. That figure represents a staggering 630% year-over-year surge, with $294 million recorded in the first half of 2025 alone. Crypto adoption is helping small businesses, remittances, and cross-border transactions thrive in the country.

Bolivia’s macroeconomic crisis has accelerated stablecoin demand. With dollar shortages, soaring inflation, and the boliviano losing nearly half its black-market value, households and businesses are turning to USDT as a stable alternative. Ardoino emphasized that Tether has added nearly three times more new $1+ holders than all other stablecoins combined in recent months.

While Latin America embraces USDT, Tether is avoiding European expansion due to MiCA regulations. Ardoino noted the firm will reconsider only when rules become “safer for consumers and issuers.” Competitor Circle, however, has secured MiCA approval, allowing it to operate across 30 EEA countries.

Bolivia’s rapid USDT integration reflects how stablecoins are becoming essential to daily commerce in emerging markets, offering digital dollar stability amid financial uncertainty.