Circle's USDC stablecoin dominated cryptocurrency purchases on Bitso, Latin America's leading exchange, accounting for the largest share of transactions in 2024.
According to Bitso's latest Latin America Crypto Landscape Report, stablecoin adoption is surging across the region, with users increasingly turning to USDC and Tether's USDT for financial stability.
Key Findings: Stablecoins as a Hedge Against Inflation
- 39% of Bitso's total purchases in 2024 were USDC/USDT, marking a 9% increase from 2023.
- USDC led with 24% share, followed by USDT at 15%.
- Bitcoin (BTC) transactions dropped to 22% (from 38% in 2023), reflecting a shift toward long-term holding strategies.
"High inflation and currency devaluation in Latin America are driving stablecoin adoption as a reliable store of value," noted Bitso.
Regional Trends: Argentina’s USDt Dominance
- Argentina accounted for 50% of USDT purchases on Bitso, with USDt making up half of all crypto buys.
- Brazil and Mexico maintained stronger BTC demand (22% and 25% of purchases, respectively).
- Colombia saw balanced interest in stablecoins and altcoins.
👉 Explore how stablecoins are reshaping finance in emerging markets
FAQ
Q: Why are stablecoins gaining popularity in Latin America?
A: Economic instability—including hyperinflation (e.g., Argentina’s 100%+ rate)—makes stablecoins like USDC/USDT a safer alternative to volatile local currencies.
Q: How does USDC compare to USDT on Bitso?
A: USDC led with 24% of purchases, likely due to its transparency (Circle’s regulated reserves), while USDT remained popular for liquidity (15% share).
Q: What caused Bitcoin’s decline in Bitso transactions?
A: Investors are holding BTC longer during its bull run (e.g., 2024’s $100K peak), reducing short-term trading activity.
👉 Discover more about crypto adoption trends in Latin America
Final Thoughts
Bitso’s data underscores a pivotal shift: Latin Americans increasingly view stablecoins as digital safe havens, while Bitcoin evolves into a long-term asset. This trend mirrors global patterns where stablecoins bridge traditional finance and crypto economies.
Data tables and country-specific breakdowns available in Bitso’s full report.
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