Tether, the leading blockchain-enabled platform underlying the world’s first and most popular stablecoin, has partnered with KriptonMarket. It will transform the payment landscape for small businesses in Argentina. This partnership aims to bring financial stability and independence to the Central Market of Buenos Aires, one of the largest fruit and vegetable markets in Latin America.
Tether and KriptonMarket Transform Argentina’s Central Market
Argentina has been struggling with alarmingly high inflation, which recently reached 104%. The monthly inflation rate of nearly 8% has caused budgeting and pricing instability for businesses and consumers alike. In response, Tether and KriptonMarket have launched a ground-breaking initiative. It could revolutionize the Central Market’s payment ecosystem for its 900 wholesalers and 50 retailers.
Through this partnership, these companies will soon be able to accept payments in USDt, settle bills using USD via KriptoPayments, and even pay a portion of their employees’ salaries in USDt. Using cutting-edge blockchain technology, the objective is to combat inflation and facilitate digital payments for small producers.
Paolo Ardoino, Tether’s CTO, expressed optimism regarding the initiative’s potential impact, stating that the company intends to establish a globally replicable model. In light of the ongoing devaluation of the Argentine peso, it is crucial to provide the populace with options for achieving financial independence. Tether believes that by utilizing tools powered by the blockchain, they can help improve the lives of an entire nation.
The Central Market of Buenos Aires plays a pivotal role in the region’s economy, employing more than 2,000 people in its wholesale and retail stores and restaurants. The market is a vital component of the country’s agricultural sector, with monthly sales of approximately 106,000 tons of produce from over 600 farms and large merchants.
Tether and KriptonMarket Boost Buenos Aires with Stablecoin Payments
Tether and KriptonMarket are dedicated to fostering a new generation of blockchain enthusiasts and professionals in Buenos Aires, in addition to facilitating stablecoin payments. They intend to provide individuals with the knowledge and skills necessary to thrive in the rapidly evolving digital economy by launching educational programs across the city. It is essential to note that the program adheres to the Argentine Republic’s commercial and tax regulations.
The partnership between Tether and KriptonMarket is an important step toward financial inclusion and stability for small businesses in Argentina. By embracing the potential of stablecoin payments, the Central Market aims to navigate inflationary challenges, embrace digital transformation, and stimulate regional economic growth.