TL;DR Breakdown
- Tether has partnered with KriptonMarket to enter the Argentine market scene.
- The partnership will provide swift payments for market transactions.
Argentinians now have the option to purchase dairy produce using Tether’s USDT stablecoin at the Central Market of Buenos Aires, one of Latin America’s largest distributors of fruits and vegetables. The introduction of this payment method is the result of a collaboration between Tether, the issuer of the stablecoin, and KriptonMarket, an on-/off-ramp platform.
Tether partners with KriptonMarket
Through this partnership, businesses operating in the Central Market will be able to accept payments in Tether’s USDT, settle bills, and even allocate a portion of employee salaries in the stablecoin. The Central Market caters to the needs of over 12 million people each month and hosts more than 500 wholesale companies. It is also a significant employer, with a workforce of over 2,000 individuals.
The utilization of Tether’s USDT as a payment option provides several advantages. It reduces intermediation costs and offers users a payment solution pegged to the United States dollar, making it less vulnerable to market fluctuations. Tether emphasized these benefits in a statement shared with the media.
Argentina’s adoption of cryptocurrencies has been growing rapidly, largely due to hyperinflation and the devaluation of the national fiat currency, the peso. In April, the country witnessed a staggering inflation rate of 108.8% year-over-year, the highest since 1991, following a 104.3% increase in March.
Despite the Argentine central bank raising its benchmark interest rate to 97% on May 15, the tightening monetary policy has not appeared to be sufficient in curbing price escalation.
The firms will provide swift market payments options for users
Given the ongoing devaluation of the Argentine peso, the people of Argentina are seeking financial solutions that provide them with greater stability and autonomy. Paolo Ardoino, the chief technology officer of Tether, expressed his belief that leveraging blockchain technology to contribute to an entire country’s well-being brings them closer to combating financial discrimination.
Daniel Fogg from IOV Labs, the foundation behind the smart contract platform Rootstock, highlighted in a recent interview with the media that emerging markets are at the forefront of crypto adoption. Citizens in countries such as Turkey, Colombia, Nigeria, and Argentina are turning to cryptocurrencies as a hedge against macroeconomic shocks.
Fogg envisioned these emerging markets as the epitome of what he hopes the future of crypto will become, surpassing the current level of adoption in the United States and the United Kingdom. The availability of USDT for dairy purchases in Buenos Aires’ Central Market represents a significant milestone in the adoption of cryptocurrencies in Argentina.
As the country continues to grapple with economic challenges, such as inflation and devaluation, innovative solutions like stablecoins provide individuals with the means to safeguard their finances and pursue greater financial freedom. The collaboration between Tether and KriptonMarket sets a positive precedent for the integration of cryptocurrencies into traditional sectors, potentially inspiring further adoption in Argentina and beyond.
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