Tether and Circle Stablecoin Purchases Dominate in Argentina
Argentina, under the leadership of President Javier Milei, has seen the largest purchases and holdings of stablecoins in Latin America over the past six months. This is according to a report by Bitso, a Mexican-founded crypto exchange. Amid an economic crisis and a depreciating peso, 60% of Argentine crypto purchases on Bitso were for dollar-based stablecoins USDT and USDC, while only 13% were for bitcoin. This is in contrast to Colombia, Brazil, and Mexico, where stablecoin purchases accounted for between 31% and 40% of total crypto buys. Argentina's economic and political context has driven the acquisition of stablecoins as an alternative to inflation and devaluation. Despite not fully endorsing Bitcoin, President Milei has made positive remarks about it and criticized central banking. Bitso reports having over 8 million users across Latin America.
