Tether has entered a partnership with fiat on and off-ramp solution KriptonMarket that will allow local businesses in Argentina to accept payments in USDT.
Tether and KriptonMarket’s collaboration will bring USDT acceptance to the Central Market of Buenos Aires, one of the largest movers of fruits and vegetables in Latin America. The market consists of 900 wholesale merchants and 50 retailers, who will also be able to pay their bills and part of their employee wages in USDT, according to Tether’s press release.
The partnership comes at a critical time when the country is facing sky-high inflation of 104%. Argentinians are increasingly seeing their savings depleted amid a monthly inflation rate of 8%. Therefore, by helping Argentinians make stablecoin payments to small producers, the partnership can help reduce intermediation costs and help combat rising inflation.
Paolo Ardoino, CTO 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.”
According to the press release, Tether and KriptonMarket will also launch educational courses in Buenos Aires to build awareness and educate blockchain enthusiasts.
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