Argentina, one of the fastest-growing cryptocurrency markets, has overtaken Brazil as the top Latin American (Latam) country in terms of estimated crypto inflows by users.
Crypto users in Argentina deposited the largest amount of crypto in Latam between July 2023 and June 2024, with inflows totaling $91 billion, Chainalysis reported on Oct. 9.
With an estimated $91 billion in crypto inflows, Argentina has overtaken Brazil in terms of total crypto value received, ranking slightly ahead of Brazil’s estimated $90 billion during the period.
Latin American countries ranked by crypto value received from July 2023 to June 2024. Source: Chainalysis
Argentina’s stablecoin activity is 17% higher than the global average
The rapid growth in crypto adoption in Argentina comes amid a decades-long battle with inflation and local currency devaluation, forcing Argentinians to seek alternative ways of saving, including using the US dollar or dollar-pegged stablecoins.
According to Chainalysis, Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions. It is also among the leaders in the Latam region.
Share of Latam retail-sized transaction volume by asset type versus global average from July 2023 to June 2024. Source: Chainalysis
Argentina’s share of stablecoin transaction volume amounted to 61.8% between July 2023 and June 2024, slightly above Brazil’s share of 59.8%. Argentina’s stablecoin activity is well above the global average of 44.7% but lower than Columbia’s 66%.
The report highlighted that the share of Argentina’s retail-sized stablecoin transactions — those under $10,000 — is growing faster than any other asset type. This trend suggests that Argentinians are relying on stablecoins to protect their finances from inflation and currency instability. The report stated:
“Their interest in stablecoins highlights the role of crypto in unstable markets and how citizens are able to take better control of their financial futures by embracing cryptocurrency, regardless of official monetary policy.”
Tether prioritizes markets like Argentina over developed…
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