May 18, 2023 – Tether, the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, announced today a collaboration with KriptonMarket, an on/off ramp solution, to give users in Argentina access to stablecoins at the Central Market of Buenos Aires, one of the largest movers of fruits and vegetables in Latin America.
Argentina's inflation has reached new highs at 104% after accelerating "more than expected” over the course of recent months. With businesses and customers seeing a monthly inflation rate of nearly 8% for the Argentine Peso, both experience difficulties with saving money and changing prices. Tether and KriptonMarket’s collaboration will potentially give the Central Market’s 900 wholesale merchants and 50 retail merchants the ability to accept USD₮, pay bills directly with USD₮ through KriptoPayments, pay a % of employees’ salaries in USD₮, and more. This is meant to combat Argentina’s inflation rate and facilitate digital payments between small producers and final consumers, in order to reduce intermediation costs.
“We hope that bringing Tether to business owners and small shops in Buenos Aires can set an example to later be replicated across the globe,” said Paolo Ardoino, CTO of Tether. “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.”
The Central Market of Buenos Aires employs over 2,000 people in its many wholesale and retail merchant stores and restaurants. The Central Market also works with over 600 farms and large merchants to bring in orders of produce such as fruits and vegetables, of which 106,000 tons are sold monthly.
In addition to establishing a path to financial freedom through on-chain payment opportunities, Tether and KriptonMarket will also be launching educational courses throughout the city to inspire a new generation of blockchain enthusiasts and business professionals. It should be noted that this program complies with all regulations commercial and fiscal of the Argentine Republic.
