Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this week’s edition: Toyota and Yamaha start accepting USDT payments in Bolivia, Tether terminates mining operations in Uruguay, and Moneygram debuts stablecoin-powered remittances in Colombia.
Latam Insights: Toyota Accepts USDT in Bolivia, Tether Winds Down Operations in Uruguay
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Toyota and Yamaha Pioneer USDT Payments in Bolivia and Latam
Toyosa, an exclusive dealer for several automotive brands in Bolivia, including Toyota, Lexus, Yamaha and BYD, is hopping onto the stablecoin train, including USDT as a payment method for vehicles and motorbikes.
The move seeks to capitalize on the growing popularity of USDT in the country, and also help customers who wish to acquire their cars but do not have access to actual cash. Toyosa’s initiative is part of a collaboration between the company, Bitgo, which will provide institutional custody for the funds, and Panama-based Towerbank, which will provide transaction processing services.
According to a press release issued by Toyosa, this is the first time that an automotive company implements large-scale USDT payments in Latin America, and one of the first in the whole world.
Tether Clarifies Power‑Cut Situation in Uruguay
Tether, one of the largest companies in the cryptocurrency industry, is now exiting all its operations in Uruguay, after being a crypto mining pioneer in the country. The company, which had planned to make Uruguay a mining hub, is winding down its operations following failed negotiations to secure a better deal to continue operating.
According to local reports, Tether had been in talks with UTE, the Uruguayan power company, to obtain better operational conditions since 2023. The company sought to avoid paying power tolls that made its operation economically unfeasible, as well as negotiate better power tariffs.
Nonetheless, the negotiations stalled after UTE failed to approve these conditions for Tether. In 2024, the company sent a letter to UTE, warning about the possible effects of this decision.
Moneygram Debuts Stablecoin-Powered Cross-Border Transactions in Latam
Moneygram, a global remittance platform servicing over 50 million users in 200 countries, has included stablecoins as part of its business model. The company is launching a new app that will leverage stablecoins to improve the user experience, partnering with several institutions to this end.
The new app, which will feature instant international transfers with real-time notifications, now allows for receiving and holding stablecoins, specifically USDC, in its embedded self-custody wallet provided by Crossmint, a wallet infrastructure and payments company.
While Moneygram’s user experience included mandatory cashouts in local currencies before, the new app includes the ability to save in digital dollars, a function that can be very useful in several economies around the world.
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