• Tether and KriptonMarket have partnered to provide USDT transactions at the Central Market in Argentina.
• This move will allow companies to accept and pay bills with USDT, as well as pay employee wages in the stablecoin.
• The partnership reduces intermediation costs and provides users with a payment option pegged to the U.S. dollar.
Argentinians Can Now Purchase Dairy Produce With USDT Stablecoin
The Central Market of Buenos Aires, one of the largest movers of fruits and vegetables in Latin America, has enabled Argentinians to purchase dairy produce with the USDT stablecoin thanks to a partnership between stablecoin issuer Tether and on-/off-ramp platform KriptonMarket.
What Does The Partnership Enable?
The collaboration will provide companies the ability to accept and pay bills with USDT USDT $1.00 , as well as pay a percentage of employee salaries with the stablecoin. It also reduces intermediation costs, giving users a payment option pegged to the United States dollar that is less susceptible to market fluctuations.
Why Is This Move Important?
The Central Market supplies over 12 million people per month and is home to over 500 wholesale companies, according to the city of Buenos Aires. It also employs over 2,000 people making it an important move for both businesses and their employees alike. Crypto adoption is booming in Argentina due to hyperinflation and its fiat peso devaluation making this partnership even more meaningful for those affected by economic uncertainty in the region.
What Are People Saying About This Collaboration?
Paolo Ardoino, chief technology officer of Tether said “With the continuing devaluation of their nation’s currency, people of Argentina need solutions to pursue their own financial freedom…If we are able to contribute through blockchain technologies we will be one step closer towards ending financial discrimination”
This collaboration between Tether & KriptonMarket could not have come at a better time for Argentinians looking for ways around their current economic struggles while still protecting themselves from further devaluation caused by market fluctuations.