Stablecoins Dominate Argentina's Peso-Denominated Crypto Volume
Argentina's peso-denominated cryptocurrency trading volume is dominated by stablecoins, which account for an impressive 94% of all transactions.
This finding, based on a16z Crypto analysis using market data from Artemis, suggests that many Argentines use cryptocurrencies primarily to obtain digital dollars rather than speculate on volatile tokens.
With one in five Argentines reportedly using cryptocurrency, according to adoption research cited by a16z Crypto, the 93% year-over-year increase in downloads of Argentina's top 15 cryptocurrency applications is not surprising.
The stablecoin share is the highest among major fiat currencies tracked by Artemis, and it persists even as inflation slows down. In fact, data from Deel shows that contractor USDC payments and annual inflation both remained below their earlier peaks.