- Tether, the blockchain platform behind the stablecoin USDT, has partnered with KriptonMarket.
- The collaboration aims to address the issue of skyrocketing inflation rates in Argentina.
- The partnership will enable businesses to accept payments in USDT and settle bills using USD through KriptoPayments.
Tether, the top blockchain platform powering the world’s original and widely-used stablecoin, has joined forces with KriptonMarket. This collaboration seeks to revolutionize payment methods for small businesses in Argentina, specifically focusing on the Central Market of Buenos Aires.
🇦🇷KriptonMarket launches payment collaboration for small Businesses in Argentina with Tether. The initiative will enable wholesale & retail merchants at Mercado Central the ability to accept USDt, pay bills &, pay a % of employees’ salaries in USDt,& more.https://t.co/7yz99xfvPV pic.twitter.com/OQcqbHtWdL
— Tether (@Tether_to) May 18, 2023
As one of Latin America’s largest fruit and vegetable markets, this partnership aims to introduce financial stability and empower independence within the market.
Argentina is grappling with skyrocketing inflation rates, reaching a staggering 104%. This has led to instability in budgeting and pricing for businesses and consumers.
Tether and KriptonMarket have partnered to introduce a groundbreaking initiative to address this issue. This partnership aims to revolutionize the payment ecosystem of Argentina’s Central Market, benefiting wholesalers, retailers, and even employees.
Through this collaboration, Tether and KriptonMarket will enable businesses to accept payments in USDT, settle bills using USD through KriptoPayments, and pay a portion of their employees’ salaries in USDT.
Tether Aims to Transform Argentina’s Economy with Blockchain
By leveraging cutting-edge blockchain technology, the primary goal is to combat inflation and facilitate digital payments, especially for small producers. This initiative is a potential model that can be replicated globally.
Paolo Ardoino, Tether’s CTO, expressed optimism about the impact of this initiative, emphasizing Tether’s intention to provide a replicable solution worldwide.
With the continuous devaluation of the Argentine peso, offering the population alternatives for achieving financial independence is crucial. Tether believes that by harnessing blockchain-powered tools, they can positively transform the lives of an entire nation.
The Central Market of Buenos Aires, a key player in the regional economy, will significantly benefit from this partnership. The market is vital to Argentina’s agricultural sector, with over 2,000 employees working in wholesale and retail stores and restaurants. It facilitates monthly sales of approximately 106,000 tons of produce from more than 600 farms and large merchants.