Renowned stablecoin issuer, Tether has collaborated with Kriptonmarket, a leading on/off ramp solution. According to an announcement, the collaboration between the two firms is geared towards fostering accessibility to stablecoins in Argentina.
Occasioned by the partnership, users will now be able to transact with stablecoin at the Central Market of Buenos Aires, one of the massive transporter of fruit and vegetables in Latin America. This development comes amidst the rising inflation in the country. According to findings, the country’s inflation rose by 104% in the past few months. Also, business owners and individual also recorded about 8% inflation rates monthly for the Argentine Peso. This development has complicated saving of money and triggered price fluctuations.
The collaboration thus avails Argentina Central market with 900 wholesale merchants and 50 retail merchants. Notably, these merchants have the power to accept USDT, pay bills directly with USDT through KriptoPayments, pay certain percentage of employee salaries in USDT and many more. Also, the introduction of the stablecoin payment technique, according to Tether, is expected to combat the country’s inflation rate. In addition, it will reduce intermediation cost by encouraging digital payments between small producers and final consumers.
Tether to invest in stablecoin state-of-art technology – CTO
CTO of Tether, Paolo Ardoino explained the basis of the collaboration. According to Ardoino, the stablecoin issuer seeks to bring stablecoin to business owners and small shops in Buenos Aires. By so doing, he believes Tether is setting the pace for other stablecoin issuers across the globe to follow. According to the CTO, the people of Argentina needs a solution to pursue their financial freedom amid the prevailing devaluation of their currency. In addition, he expressed the commitment of the firm to invest in the stablecoin state-of-art technology into the well being of the country. This thus takes Tether a step closer to putting a stop to lingering financial discrimination.
According to Tether announcement, Buenos Aires Central Market employs over 2, 000 workers in its wholesale and retail merchant stores and restaurants. In addition, the Central Market also collaborates with over 600 farms and large merchants to get their products in large quantities. As of now, Buenos Aires sells over 106,000 tons of vegetables and fruits monthly.
Meanwhile, Tether and Kriptonmarket while creating a path to financial freedom also plan to launch an educational course across the country. The course aims to encourage a new generation of blockchain enthusiasts and business professionals. It is worth noting that the Tether program complies with Argentina’s regulations.