Stablecoin adoption in Latin America is increasing as more users turn to Circle’s USDC and Tether’s USDT for financial stability, according to a new report from cryptocurrency exchange Bitso.
The USDC (USDC) and USDt (USDT) stablecoins have become a “store of value” in Latin America, accounting for 39% of total purchases on Bitso in 2024, the firm said in its third edition of the Latin America Crypto Landscape report issued on March 12.
The report highlighted a significant increase in stablecoin adoption on the platform, with total stablecoin purchases surging 9% from 2023.
“In Latin America, challenging macroeconomic conditions, characterized by high inflation and currency devaluations, drove increased cryptocurrency adoption — particularly stablecoins — as a reliable store of value,” Bitso stated in the report.
USDC leads the race, Bitcoin follows
While stablecoin purchases surged,