Bolivia’s Bisa Bank Debuts Stablecoin Services, Offering USDT Transactions

• Bisa Bank’s USDT services offer regulated access, boosting security for Bolivia’s stablecoin users.
• Stablecoin options like USDT address Bolivia’s dollar scarcity and ease currency access challenges.
• Rising demand for dollar-pegged assets marks Bisa Bank’s stablecoin move as pivotal in Bolivia’s economy.

Bisa Bank has announced the launch of its stablecoin service, allowing customers to buy, sell, and store USDT stablecoin through its banking platform. 

This move signals the first time a Bolivian bank has introduced a digital currency service on such a scale to provide a safer and more regulated option for Bolivians engaged in the stablecoin market.

The stablecoin USDT pegged to the U.S. dollar, will offer an alternative avenue for Bolivians seeking to diversify their digital financial transactions. 

According to Yvette Espinoza, president of Bolivia’s financial oversight agency ASFI, Bisa Bank’s entry into the stablecoin market intends to create a “custody service” to facilitate transactions within a regulated framework.

Additionally, Bisa Bank’s new service suite will enable USDT transactions within strict financial boundaries. Customers can buy or sell between 200 and 10,000 USDT daily, with fees ranging from $5 to $15 depending on transaction size. 

Bisa Bank’s USDT services mitigate security risks common in digital currency exchanges by ensuring all transactions are carried out within the bank’s internal system.

According to Bisa Bank’s Vice President of Business, Franco Urquidi, the institution’s protocol includes a comprehensive identity verification process for all customers involved in stablecoin transactions. 

The introduction of USDT services by Bisa Bank reflects Bolivia’s broader economic needs, particularly given the country’s fixed dollar exchange rate policy. USDT, which is dollar-pegged, is an alternative solution for individuals and businesses impacted by dollar scarcity and recent fluctuations in dollar availability.

 However, Bolivia’s central bank intervened last year to ease local dollar shortages, underscoring the importance of stable, dollar-linked assets like USDT.

As Bolivia grapples with currency concerns, the demand for dollar-pegged assets is projected to rise, making Bisa Bank’s entry into stablecoin services a potentially pivotal shift in the financial landscape.