Latin America: Crypto Inflows Up 42.5% – Stablecoins Power Remittances and Savings
Latin America is one of the fastest-growing crypto regions in the world. According to analytics firm Chainalysis, almost 415 billion U.S. dollars in crypto flowed into the region between July 2023 and June 2024 – an increase of around 42.5 percent on the previous year. Only one region grew faster.
Argentina and Brazil lead the way
Argentina received the most value, at 91.1 billion dollars, just ahead of Brazil with 90.3 billion. Both countries show how differently crypto is used: in Argentina, with high inflation, many people protect their savings with dollar stablecoins; in Brazil, institutional and retail investors drive the market.
Why people are using crypto
- Protection against inflation: Stablecoins such as USDT and USDC give access to digital dollars without a U.S. bank account.
- Remittances: Families receive money from relatives abroad faster and often more cheaply than through traditional transfer services.
- Freelancers: People working for clients abroad are paid in crypto to avoid slow, expensive bank transfers.
Advantages over traditional channels
Traditional money transfers often take days and can cost several percent of the amount. Crypto transfers arrive within minutes. Recipients only need a smartphone and a wallet – a bank account is not required.
Worth knowing
Stablecoins are only as secure as their issuer and its reserves. Converting into local currency also costs fees, and the rules differ from country to country. Compare providers and keep larger amounts in your own wallet.
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