The use of stablecoins in Latin America experienced strong growth in 2024

The adoption of stablecoins in the region has been driven by difficult macroeconomic conditions, characterized by high inflation and currency devaluation.

The use of stablecoin in Latin America experienced strong growth in 2024, with USDC and USDT establishing themselves as the most purchased cryptocurrencies on the Bitso exchange platform.

According to the Latin America Crypto Landscape Report published by the crypto exchange on March 12, stablecoins represent 39% of total transactions. Thus marking an increase of 9% compared to 2023.

Stablecoin: a safe haven in an unstable economic context for Latin America

The adoption of stablecoins in the region has been driven by difficult macroeconomic conditions, characterized by high inflation and currency devaluation.

In this scenario, more and more users have chosen cryptocurrencies pegged to the dollar like USDC and USDT, considered a reliable store of value.

While stablecoins were gaining popularity, the trading volume of Bitcoin (BTC) on Bitso experienced a significant decline. Its share in transactions dropped to 22% in 2024, compared to 38% in the second half of 2023.

The decline in BTC purchases does not imply a loss of interest in the cryptocurrency. On the contrary, the phenomenon reflects a growth in the hodl strategy, which involves buying and holding the asset to take advantage of its appreciation in the long term.

This trend aligned with the bull market of 2024, which saw Bitcoin surpass $100,000 for the first time in December.

As a result, while many investors have avoided buying BTC at high prices, there has been an increased demand for stablecoins.

Among the stablecoins, USDC recorded the highest purchase volume on Bitso, representing 24% of total transactions in 2024, while USDT stood at 15%.

However, an in-depth analysis highlighted differences in purchasing preferences among the various paesi dell’America Latina.

Argentina: the boom of stablecoins

Argentina has shown the highest rate of stablecoin adoption in the region, a phenomenon linked to severe inflation, which has exceeded 100%.

Argentinian users on Bitso favored USDT (50% of crypto transactions) and USDC (22%), while purchases of Bitcoin represented only 8%, the lowest share among the countries analysed.

Unlike Argentina, users in Mexico and Brazil have continued to prefer Bitcoin as the main cryptocurrency for purchases. In Mexico, BTC accounted for 25% of transactions on Bitso in 2024, while in Brazil it stood at 22%.

Data from Bitso confirms that stablecoin are taking on an increasingly central role in Latin American markets, thanks to their stability compared to local currencies subject to devaluation.

This trend could further consolidate, pushing more and more users to consider them a valid alternative to traditional stores of value.