Tether CEO Paolo Ardoino said on Aug. 23 that USDT adoption is increasing in developing countries including Venezuela, Argentina, Bolivia and Turkey, according to CriptoNoticias.

He said the stablecoin is increasingly used for domestic and cross-border trade, as well as a digital dollar and store of value amid local currency devaluation, dollar shortages and financial restrictions. Cited use cases include import and export settlements in Venezuela, commercial transactions in Bolivia, P2P trading in Argentina and inflation hedging in Turkey.