Stablecoin Adoption Surges in Latin America as Bitcoin Trading Volume Declines on Bitso in 2024

A report released by Bitso on March 12 indicates a significant increase in stablecoin adoption in Latin America during 2024. USDC and USDT now account for 39% of total purchases on the exchange, marking a 9% surge from 2023. This shift is attributed to challenging macroeconomic conditions, including high inflation and currency devaluations, driving users towards stablecoins as a reliable store of value. While stablecoin purchases increased, Bitcoin's trading volume on Bitso declined to 22% from 38% in the second half of 2023, suggesting a growing 'hodl' strategy. Notably, Argentina shows a strong preference for USDT and USDC, accounting for 50% and 22% of crypto purchases, respectively, while Bitcoin only accounts for 8%. In Brazil and Mexico, Bitcoin remains the most purchased crypto asset, accounting for 22% and 25% respectively.