The service in Bolivia will be available for customers to transfer funds abroad and facilitate payments for family members studying overseas.
Banco Bisa, one of Bolivia’s leading banks, has become the first regulated financial institution in the country to introduce a cryptocurrency custody service. Launched last week, the service allows Banco Bisa customers to buy, sell, and transfer the stablecoin Tether (USDT) directly through their bank accounts, according to local media reports.
The bank’s move comes as Bolivia and other Andean countries face rising inflation and weakening local currencies. In Bolivia, inflation recently surged to its highest level in nearly a decade, pushing demand for U.S. dollars as people seek more stable financial options.
Franco Urquidi, Vice President of Business at Banco Bisa, explained that the new service enables Bolivians to send money to family members abroad more efficiently. “Our clients undergo a rigorous verification process, providing them peace of mind that transactions are conducted through secure and reliable channels,” Urquidi noted, per local reports.
Banco Bisa’s service lets customers store USDT indefinitely, transfer funds to other countries, and facilitate payments for family members studying overseas. Tether (USDT), the largest stablecoin by market capitalization, is widely used in the cryptocurrency market for its stability and its role as a bridge for trading other digital assets.
As a stablecoin, USDT is pegged to the U.S. dollar, offering a digital token designed to hold its value against traditional currency—a characteristic that has made it especially attractive in volatile economic climates.