Argentina has now become the top user of cryptocurrencies in Latin America, overtaking Brazil, according to Chainalysis data from June 2023 to June 2024. The report reveals that Argentina’s crypto transactions reached around $91.1 billion, slightly surpassing Brazil’s $90.3 billion. Meanwhile, Stablecoins dominate the crypto scene in Argentina, making up 61.8% of all transactions. This preference stems from the country’s severe economic instability, with inflation soaring to about 143% and 40% of the population living below the poverty line. To address these issues, President Javier Milei has taken drastic measures, including a significant devaluation of the peso.

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