Argentina has emerged as the leading Latin American nation for cryptocurrency inflows, surpassing Brazil.
A Chainalysis report from October 9 indicates that between July 2023 and June 2024, Argentina’s crypto deposits reached approximately $91 billion, compared to Brazil’s $90 billion.
This surge in cryptocurrency use in Argentina is largely driven by ongoing inflation and currency devaluation, prompting citizens to seek alternative means of savings, such as dollar-pegged stablecoins.
Argentina has developed one of the largest stablecoin markets globally, accounting for 61.8% of its transaction volume, surpassing Brazil’s 59.8% and well above the global average of 44.7%.
Retail-sized stablecoin transactions, especially those under $10,000, are growing rapidly in Argentina, reflecting a trend of using these digital assets as a hedge against economic instability.
Tether has shifted its focus to emerging markets like Argentina, acknowledging the demand for digital currency as a more convenient option.
Despite its growing crypto presence, Argentina has yet to establish comprehensive regulations for the cryptocurrency market, which remains largely unregulated.
The US Securities and Exchange Commission (SEC) has extended its timeline to decide on several cryptocurrency exchange-traded funds (ETFs), including those tied to XRP, Solana, Litecoin, and Dogecoin.
After a prolonged absence from the Indian market due to regulatory concerns, Coinbase has secured authorization from India’s financial regulator to resume its services in the country.
Financial giant Franklin Templeton, managing a staggering $1.53 trillion in assets, has officially entered the race to launch an XRP exchange-traded fund (ETF).
Yesterday, Bitcoin surged to $83,000 but quickly retraced its steps, dropping back below $80,000.