Tether, the popular stablecoin issuer, has entered into a partnership with on/off ramp solution KriptonMarket to facilitate stablecoin access for users at the Central Market of Buenos Aires in Argentina.
Amidst Argentina’s soaring inflation, which has reached a remarkable 104%, Tether and KriptonMarket have joined forces to tackle the difficulties confronted by local merchants. This strategic collaboration will empower wholesale and retail merchants at the Central Market to embrace USDT payments, enabling them to accept transactions in the stablecoin. Moreover, through the integration of KriptoPayments, merchants can conveniently settle bills directly with USDT. Notably, this innovative partnership goes beyond transactions, as it also paves the way for a portion of employees’ salaries to be paid in USDT. By leveraging the stability and efficiency of Tether’s stablecoin, merchants operating within the Central Market can navigate the challenges posed by inflation and enhance their financial operations. This collaboration serves as a vital step in promoting the adoption of digital currencies and providing practical solutions for businesses in Argentina’s challenging economic environment.
The Central Market of Buenos Aires, a significant fruit and vegetable retailer in Latin America, employs over 2,000 people and collaborates with more than 600 farms and large merchants. With monthly sales of over 100,000 tons of produce, the market serves as an essential economic hub.
Beyond facilitating on-chain payments, Tether and KriptonMarket plan to launch educational initiatives aimed at blockchain enthusiasts and business professionals. These programs will comply with local regulations in Argentina.
Tether officials emphasized the continued devaluation of Argentina’s currency and the importance of supporting innovative solutions that empower individuals to achieve financial freedom. They also highlighted the potential of state-of-the-art blockchain technologies to combat financial discrimination.
The partnership between Tether and KriptonMarket signifies a significant step in promoting the adoption of stablecoins and blockchain technology in Argentina’s financial landscape, offering merchants and individuals an alternative means of conducting transactions amidst challenging economic conditions.
