Argentina Surpasses Brazil as Latin America’s Leading Crypto Market by User Inflows
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Argentina has emerged as the top cryptocurrency market in Latin America, surpassing Brazil in estimated crypto inflows between July 2023 and June 2024.
According to a report by Chainalysis published on October 9, Argentina’s crypto users deposited a total of $91 billion during this period, edging out Brazil’s $90 billion in total inflows.
The rapid adoption of cryptocurrency in Argentina is closely tied to the country’s ongoing struggle with inflation and the devaluation of its national currency.
Facing an unstable economic environment, many Argentinians have turned to alternative financial options like the US dollar and dollar-pegged stablecoins to preserve their wealth.
The trend has contributed significantly to Argentina’s rise in the crypto market, making it a leading player in the region.
Chainalysis highlighted that Argentina’s stablecoin market is among the largest in the world by transaction share.
Between July 2023 and June 2024, 61.8% of Argentina’s crypto transactions involved stablecoins, compared to Brazil’s 59.8%.
This is well above the global average of 44.7% but slightly below Colombia’s 66%.
The high volume of stablecoin transactions in Argentina indicates a strong preference for these digital assets, offering a hedge against local currency volatility.
In our next 2024 Geography of Crypto Report preview chapter, we look at crypto adoption in Latin America. Read to learn more about crypto markets in Brazil, Argentina, Venezuela & the Caribbean. Featuring insights from @circle @BTGPactual @AaronWStanley:
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