Argentina, known for its burgeoning crypto market, has embraced Bitcoin adoption with the launch of the ByBit card.
The country leads the Western Hemisphere in crypto acceptance, driven by a staggering 276% annual inflation rate, as Forbes highlights.
Bitcoin and other cryptocurrencies are more prevalent in Argentina than anywhere else in the region, with 2.5 million out of 130 million global visitors to top exchanges originating from the country, per SimilarWeb. In December 2023, Argentina made Bitcoin a legal tender, following in the footsteps of El Salvador.
Since Javier Milei’s election in December, Argentina’s affinity for Bitcoin has surged, making it a key market for Binance, accounting for 6.9% of total web traffic to the exchange, SimilarWeb notes.
A distinctive trait of Argentine crypto investors is their preference for US dollar-backed stablecoins, such as USDT. Maximiliano Hin, Head of Latin America at Bitget, noted this unique market behavior, highlighting the country’s focus on dollar stability.
Ripple’s David Schwartz has offered fresh insight into the evolving role of the XRP Ledger, signaling a shift from simple crypto transactions toward building a full-spectrum financial infrastructure.
Stripe is exploring how stablecoins could reshape banking services, as the payment giant reportedly held preliminary discussions with financial institutions eager to tap into blockchain-based digital dollars.
Global banking heavyweight Banco Santander is quietly laying the groundwork to enter the stablecoin space, eyeing fiat-pegged digital tokens as part of a broader strategy to offer crypto services to retail clients.
Crypto exchange Bitget has introduced a new investment product, BGUSD, a yield-generating stable asset tied to real-world financial instruments like U.S. Treasury bills and top-tier money market funds.