Argentina Becomes Latin America’s Leading Hub for Cryptocurrency Inflows

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%.

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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.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.