Tether Partners With KriptonMarket To Support USDT Acceptance In Argentina

Issuer of the world’s biggest stablecoin, Tether, has struck a partnership with crypto on/off ramp platform KriptonMarket to support USDT transactions in the Central Market of Buenos Aires.

According to a statement by Tether, the collaboration with KriptonMarket will enable the market merchants to accept USDT as payment for goods while also paying their bills and a portion of employees’ wages with the same stablecoin.

Tether Aims To Provide Inflation Hedge For Small Businesses

Regarded as one of Latin America’s largest fruits and vegetable markets, the Central Market of Buenos Aires is home to 900 wholesale and 50 retail businesses, employing a total labor force of 2,000 individuals.

That said, the latest development by Tether is quite exciting for many of these merchants and customers, as the Latin American nation is currently experiencing hyperinflation, which has seen its fiat currency peso drastically decline in value over the last few years.

Data from the National Institute of Statistics and Census (INDEC) shows that Argentina’s inflation moved over 108.8% in April 2023, marking its highest value since 1991.

Tether hopes that the introduction of the new payment system with KriptonMarket will shield Argentine small-scale businesses from the country’s inflation rate as well as eliminate intermediation costs by enabling direct digital transactions between these businesses and their final consumer.

“We hope that bringing Tether to business owners and small shops in Buenos Aires can set an example to later be replicated across the globe,” Paolo Ardoino, Chief Technology Officer of Tether, said.

“With the continuing devaluation of their nation’s currency, the people of Argentina need solutions to pursue their own financial freedom. If we are able to contribute to the well-being of an entire country through the state-of-the-art technologies provided by the blockchain, we will be one step closer to ending the fight against financial discrimination,” he added.

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Author: Semilore Faleti

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