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Argentinians can now use the USDT stablecoin to purchase dairy products at the Central Market in Buenos Aires, one of the largest fruit and vegetable distributors in Latin America. The move is made possible by a partnership between stablecoin issuer Tether and on/off ramp platform Cryptonmarkets.
The partnership will allow businesses to receive and pay invoices in USDT (USDT), as well as pay a portion of their employees’ salaries in stablecoins. The Central Market serves more than 12 million people each month and is home to more than 500 wholesale companies. according to to the city of Buenos Aires. Also, the number of employees exceeds his 2,000.
The partnership will also reduce intermediary costs and provide users with payment options pegged to US dollars, making it less susceptible to market volatility, Tether said in a statement shared with Cointelegraph.
Thanks to hyperinflation and the devaluation of the legal peso, cryptocurrency adoption has surged in Argentina. Inflation rate in April Rose The Latin American country posted a year-on-year increase of 108.8%, maintaining its highest level since 1991 after rising 104.3% in March. On May 15, the Central Bank of Argentina announced that expensive The base rate has risen to 97%, but tight monetary policy does not appear to be bold enough to curb price hikes.
“With the continued devaluation of their currency, Argentinians need a solution to pursue their economic freedom. We will be one step closer to ending the fight against ,” said Secretary Paolo Ardoino. Technical director of Tether.
In a recent interview with Cointelegraph, Daniel Fogg of IOV Labs, the foundation of smart contract platform Rootstock, said that emerging markets are on the rise as people look to cryptocurrencies as a safe haven against macroeconomic shocks. He said he was at the forefront of cryptocurrency adoption. “For me, what I want cryptocurrencies to look like is, they are currently in Turkey, Colombia, Nigeria and Argentina. he pointed out.
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