- Bisa Bank becomes the first in Bolivia to offer USDT transactions, marking a new milestone for stablecoin adoption in the country
- Clients can securely buy, sell, and hold USDT through Bisa, leveraging it for international payments and remittances
- The regulated approach supports a safer alternative to dollar access amidst Bolivia’s dollar scarcity
Demand and adoption of stablecoins are set to increase in Bolivia, as a bank has introduced a suite of services for USDT for the first time. Bisa Bank, a private institution, now allows customers to buy, sell, and hold USDT funds in the bank, using them for remittances and international payments.
First Bank in Bolivia Introduces USDT Services
Private institutions are now entering the cryptocurrency and stablecoin market in Bolivia. Bisa Bank, the country’s fourth-largest banking institution, recently introduced a stablecoin product suite allowing customers to buy, sell, and hold USDT through its services.
The inclusion of USDT as a dollar proxy stablecoin on the bank’s platform provides users with an alternative to ensure security and trust in managing this asset. This view was shared by Yvette Espinoza, president of the ASFI banking regulation body, who supported this product launch.
Espinoza stated:
“This is a custody service that will allow clients to perform various operations securely, reducing the risk of unsafe interactions in the cryptocurrency market.”
Bisa Bank will charge clients fees ranging from $5 to $15 for stablecoin purchases between 200 and 10,000 USDT per day. USDT transfers to international accounts will cost nearly $40, representing an interesting option for those looking to make such payments with the support of a banking institution.
Bisa Bank’s Vice President of Commerce, Franco Urquidi, emphasized that these operations will be completed to and from a Bisa Bank account, meaning they are secure.
“Our clients undergo a rigorous verification process, providing them with the reassurance that their transactions are conducted through safe and reliable channels,” he replied.
Conclusion
Bisa Bank’s implementation of USDT strengthens the position of the largest dollar-pegged stablecoin, which recently reached a market capitalization of over $120 billion in emerging countries without direct dollar access.
Bolivia has a fixed exchange rate to the dollar, resulting in speculative attacks tied to dollar scarcity. Last year, the central bank sold dollars directly to citizens to calm the local market.
