Stablecoins Surpass Bitcoin in Latin America Crypto Purchases
- 40% of crypto purchases in Latin America were stablecoins like Tether’s USDt and Circle’s USDC in a recent report.
- Bitcoin accounted for only 18% of crypto purchases, marking the first time stablecoins have overtaken Bitcoin.
- 52% of crypto portfolios still hold Bitcoin as a long-term store of value, down from 53% the previous year.
- The global stablecoin market has reached approximately $320 billion, with significant adoption in Latin America for savings and remittances.
- Mercado Libre launched a cross-border remittance service using its Meli dollar stablecoin for users in Brazil, Mexico, and Chile.
The shift towards stablecoins reflects economic pressures such as inflation and currency depreciation in Latin America, where users seek more stable alternatives for transactions and savings. This trend is part of a broader movement towards digital dollarization across the region.
Despite the rise of stablecoins, Bitcoin remains an important asset, held in over half of crypto portfolios as a long-term investment strategy. (Source)
