• Tether and KriptonMarket have partnered to support USDT transactions at Argentina’s Central Market.
• The move will allow companies to accept and pay bills with USDT, reducing intermediation costs.
• This partnership is a result of hyperinflation and peso devaluation in Argentina, which has caused people to look for financial freedom through cryptocurrencies.
Tether and KriptonMarket Partner to Support USDT Transactions in Argentina
Tether (USDT) and on-/off-ramp platform KriptonMarket have partnered up to enable the acceptance of the stablecoin at the Central Market of Buenos Aires — one of Latin America’s largest movers of fruits and vegetables. This move will allow companies to accept and pay bills with USDT, as well as pay a percentage of employee salaries with it, reducing intermediation costs.
Central Market Supplies Over 12 Million People Per Month
The Central Market supplies over 12 million people per month in Argentinaand employs over 2,000 people. It also provides customers a payment option that is pegged to the United States dollar, making it less susceptible to market fluctuations.
Argentina’s Hyperinflation Leads To Crypto Adoption
Hyperinflation has been rampant in Argentina this year — April’s inflation rate rose to 108.8% year-over-year — leading many citizens to look towards cryptocurrencies as a safe haven against macroeconomic shocks. As Chief Technology Officer for Tether Paolo Ardoino said: “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.”
Emerging Markets Lead Crypto Adoption
In an interview with Cointelegraph Daniel Fogg from IOV Labs discussed how emerging markets are leading crypto adoption due their citizens looking towards cryptocurrencies as a reliable asset amidst economic turmoil. He added: “For me, if you want to look at the future of what I hope crypto will become then you should be looking closely at emerging markets.”
Conclusion
The partnership between Tether and Kriptonmarket is an example of how cryptocurrency can provide financial stability during times of economic distress like hyperinflation or fiat currency devaluation. This collaboration also gives Argentinian citizens another payment option that reduces intermediation costs while providing them access a currency that is pegged US dollar value rather than market fluctuations