The Evolution of the Latin American Stablecoin Market: From Survival to Growth | Bee Network

The Evolution of the Latin American Stablecoin Market: From Survival to Growth | Bee Network Login 熱門新聞 Meme Launchpad AI 代理商 DeSci 熱門鏈瀏覽器 新人必讀 衝百倍幣 蜜蜂遊戲 必備網站 必備APP 必關大神 DePIN 新人必備 教我避坑 基本工具 深度網站 交易所 NFT 工具 你好， 登出 Web3宇宙 遊戲 DApp 蜂巢 增長平台 生態 搜尋 英語 Coins儲值 登入 下載 Web3大學 遊戲 DApp 蜂巢 生態 家•分析•The Evolution of the Latin American Stablecoin Market: From Survival to Growth The Evolution of the Latin American Stablecoin Market: From Survival to Growth分析3 个月前更新懷亞特 20,396 3 Latin America is undergoing a financial infrastructure revolution driven by monetary failure. This article provides a comprehensive analysis of the region’s stablecoin market based on macroeconomic data from 2024 to 2025, on-chain behavior analysis, and regulatory policy texts. The study finds that the Latin American market has moved beyond the early stage of passive dollarization and is undergoing a deep transformation towards Web3 financial infrastructure.

At the macro level, Argentina’s 178% inflation rate and Brazil’s $300 billion in 加密貨幣 trading volume underscore the dual nature of stablecoins as both a survival tool and an efficiency tool. At the micro level, the market is giving birth to a new species—Crypto Neobank. Compared to traditional fintech giants like Nubank, Crypto Neobank, leveraging zero-fee networks like Plasma backed by Tether and DeFi yields, is filling the huge vacuum between traditional banks and pure crypto speculation. This report points out that the next alpha opportunity in the Latin American crypto market lies in how Web3 infrastructure can utilize this $1.5 trillion trading volume to replicate and surpass the growth miracle of traditional fintech.

1. Macro-narrative Reconstruction To understand the uniqueness of the Latin American market, we must abandon the “technological innovation theory” viewed from the perspectives of North America or Europe. In Latin America, the explosion of stablecoins is an inevitable product of macroeconomic structural imbalances. The core driving forces here are survival and efficiency, and the intervention of Web3 technology is transforming this passive need for survival into a proactive financial upgrade.

1.1 The Failure of Money and the Loss of its Store of Value Function Inflation is the strongest catalyst for the digitalization of the dollar in Latin America. Argentina and Venezuela are prime examples of this phenomenon.

Despite the Milai government’s aggressive economic measures, Argentina’s annual inflation rate remained a staggering 178% between 2024 and 2025, with the peso depreciating by 51.6% against the US dollar in 12 months. In this environment, stablecoins ceased to be investment products and became the de facto unit of account. On-chain data shows that stablecoin trading volume in Argentina accounted for a staggering 61.8%, far exceeding the global average. 市場 demand for stablecoins exhibited extremely high immediate price elasticity: whenever the exchange rate fell below key psychological levels, monthly stablecoin purchases on exchanges surged to over $10 million.

In Venezuela, as the bolivar continues to lose value, Tether has permeated microeconomic activities such as supermarket shopping and real estate transactions. Data shows a strong negative correlation between the country’s fiat currency exchange rate and cryptocurrency acceptance, suggesting that stablecoins provide a parallel financial system unaffected by government monetary policy.

1.2 Bank Exclusion and the Financial Vacuum for 122 Million People Besides combating inflation, financial exclusion is another major pain point. In Latin America, 122 million adults (26% of the total population) lack bank accounts. This large group is excluded from the traditional banking system due to minimum balance requirements, cumbersome compliance documentation, and geographical isolation.

This is precisely the fertile ground for the rise of new types of banks. Nubank’s success proves this logic: through a branchless, low-cost mobile banking model, Nubank has captured 122 million users in just ten years, reaching a market value of $70 billion and covering 60% of Brazil’s adult population.

However, Crypto Neobank is taking this logic a step further. While Nubank has solved the accessibility issue, its accounts are still primarily denominated in local fiat currency, and savings yields often lag behind inflation. In contrast, new Web3 banks can offer USD-based stablecoin accounts without a banking license and, through DeFi protocol integration, can provide 8% to 10% USD-denominated annualized yields, which is incredibly attractive to users in inflationary economies.

1.3 The Cost Reduction and Efficiency Improvement Revolution in the Remittance Economy Latin America is one of the world’s largest recipients of remittances, receiving over $160 billion annually. Traditional cross-border remittances typically incur fees of 5% to 6% and take several days to settle. This means that nearly $10 billion in wealth is lost each year in the form of remittance fees.

In the US-Mexico corridor, the world’s largest single remittance channel, Bitso has processed over $6.5 billion in remittances, accounting for 10%. Blockchain-based cross-border transfers can reduce costs to $1 or even a few cents, and settlement times from 3 to 5 days to seconds. This hundredfold increase in efficiency represents a game-changer for the traditional financial system.

2. Market depth and on-chain behavior Data from 2024 to 2025 shows that Latin America has developed a unique pattern in cryptocurrency adoption: high frequency, large amounts, and high institutionalization.

2.1 Trading Volume and Growth Resilience According to aggregated data, Latin America recorded nearly $1.5 trillion in cryptocurrency trading volume between July 2022 and June 2025, representing a year-on-year increase of 42.5%. Notably, even during periods of global market volatility, Latin America’s growth baseline remained robust. In December 2024, the region’s monthly trading volume surged to a record $87.7 billion. This indicates that the growth in the Latin American market is not simply a matter of beta returns following a global bull market cycle, but rather driven by an endogenous, fundamental demand logic.

2.2 Institutional Hegemony in Brazil and Retail Investor Frenzy in Argentina Market structures vary significantly across countries:

Brazil is the undisputed leader in the region, receiving approximately $318.8 billion in crypto assets, nearly a third of the region’s total. Data from the Central Bank of Brazil reveals a striking fact: about 90% of cryptocurrency transactions in the country are conducted through stablecoins. This extremely high proportion reveals the highly institutionalized nature of the Brazilian market—stablecoins are primarily used for inter-business payments, cross-border settlements, and liquidity transfers, rather than retail speculation.

Argentina ranked second with a transaction volume of approximately $91.1 billion to $93.9 billion. Unlike Brazil, Argentina’s growth was primarily driven by the retail sector, reflecting the adoption of crypto-dollars by ordinary people as a way to combat inflation in their daily lives.

2.3 Platform Preference: The Dominance of Centralized 交換s Latin American users are highly reliant on centralized exchanges. Data shows that approximately 68.7% of trading activity occurs on centralized exchanges, the second highest percentage globally.

This phenomenon has significant strategic implications for Web3 projects entering Latin America. Leveraging existing resources is the best strategy. Since local exchanges like Mercado Bitcoin and Bitso possess compliant fiat currency channels and enjoy strong user trust, Crypto Neobank should not attempt to directly compete with them for fiat currency deposits and withdrawals. Instead, it should penetrate their vast user base through partnerships.

3. Asset Evolution The Latin American market is characterized by the coexistence of globally accepted stablecoins and locally innovative assets, and is undergoing a generational shift from holding for preservation of value to holding for appreciation.

3.1 The Dual-Dominance Landscape of Tether and USDC Thanks to its first-mover advantage and extremely high liquidity, Tether remains the hard currency in Latin American peer-to-peer markets and the informal economy. In Venezuelan and Argentine over-the-counter markets, Tether is the absolute unit of account. Brazilian tax data also shows that Tether accounts for approximately two-thirds of reported transaction volume. Its censorship resistance and widespread adoption make it a preferred method for circumventing capital controls.

USDC is gaining traction through a compliant approach. Circle’s partnerships with giants like Mercado Pago and Bitso have made it the preferred settlement method for institutions. A Bitso report indicates that by the end of 2024, USDC will have become the most purchased asset on the platform, accounting for 24%, surpassing Bitcoin.

3.2 The bridging role of domestic fiat currency stablecoins In 2024-2025, stablecoins pegged to local Latin American currencies began to emerge, aiming to resolve friction between local payment systems and blockchain.

The launch of Meli Dólar by e-commerce giant Mercado Libre in Brazil is a landmark event. Through Mercado Pago, it’s embedded in the daily shopping habits of tens of millions of users, serving as a credit card cashback vehicle and significantly lowering the barrier to entry. Furthermore, Num Finance’s stablecoins, pegged to the peso and real, primarily serve cross-exchange arbitrage and enterprise-grade DeFi operations, helping local businesses manage liquidity on-chain without incurring exchange rate risk.

3.3 A Sudden Trend: Integration of Interest-Bearing Assets with DeFi This presents the next alpha opportunity in the Latin American market. Traditional banks in Latin America typically offer extremely low interest rates on dollar accounts. Meanwhile, new Web3 banks, by integrating DeFi protocols, are re德菲ning savings.

Take EtherFi as an example. As a DeFi protocol, it leveraged its billions of dollars in total locked value to launch a credit card product. Users can stake crypto assets to earn yield and then use the card for spending. This model allows users to spend through borrowing without selling their assets, preserving exposure to asset appreciation while solving liquidity issues.

In countries with high inflation, the native yield of 10% to 15% offered by synthetic dollar stablecoins such as USDe is extremely attractive. Compared to real deposits offered by Nubank, a 10% annualized yield based on the dollar represents a significant advantage over traditional savings products.

4. Differences in national orientation The vast differences in the political and economic environments of Latin American countries have led to drastically different development paths for stablecoins.

4.1 Brazil: A Duet of Compliance and Innovation Brazil is the most mature and compliant market in Latin America. The Brazilian central bank’s digital currency project, Drex, underwent a strategic adjustment in 2025, shifting its focus to the wholesale side, which left a huge retail market space for private stablecoins.

In the same year, Brazil implemented a uniform cryptocurrency tax rate and clarified the foreign exchange regulatory status of stablecoins. While this increased costs, it also granted the industry legitimacy. The local innovation project Neobankless is a prime example of this trend. Built on Solana, its front-end completely abstracts away the complexity of blockchain, directly integrating with Brazil’s national payment system, PIX. Users deposit Real, which is automatically converted to USDC to earn interest in the back-end. This “Web2 experience, Web3 back-end” model directly challenges the user habits of traditional fintech.

4.2 Argentina: A Testing Ground for Liberalization While the Millais government’s registration system for virtual asset service providers raised compliance thresholds, it essentially tacitly allowed dollar-denominated stablecoins to compete with the currency market. Furthermore, the asset formalization plan brought a large number of grey market stablecoins to the surface.

Lemon Cash solves the “last mile” payment problem by issuing crypto debit cards. Users earn rewards by holding USDC, which is then exchanged for pesos the instant the card is swiped. This model is highly sticky in a high-inflation environment because it minimizes the time spent holding fiat currency.

4.3 Mexico and Venezuela: Polarization Mexico’s Fintech Act and central bank restrictions have created a separation between banks and crypto companies. As a result, companies like Bitso have aggressively developed business-to-business (B2B) transactions, using stablecoins as a bridge to optimize cross-border fund transfers between the US and Mexico, bypassing the inefficiencies of the traditional banking system.

In Venezuela, with sanctions reinstated, Tether even became a settlement tool for oil exports. Meanwhile, in the private sector, Binance’s peer-to-peer trading remains a lifeline for obtaining foreign exchange, with the market decisively choosing a privately-owned USD stablecoin over the failed official Petro.

5. From Traditional Finance to Crypto Neobank The Latin American market is undergoing a critical turning point, evolving from traditional fintech to Crypto Neobank. This is not only a technological upgrade, but also a generational leap in business models.

5.1 Valuation Gap and Alpha Opportunities Currently, Nubank has a market capitalization of approximately $70 billion, and Revolut is valued at $75 billion, validating the commercial viability of digital banking in Latin America. In contrast, the entire Web3 new banking sector has a combined valuation of less than $5 billion, representing only 7% of Nubank’s market capitalization.

This is a huge undervalued opportunity. If Crypto Neobank can capture even 10% of Nubank’s market share, and utilize a better unit economic model, its valuation could increase by 10 to 30 times.

5.2 Next-Generation Infrastructure: The Zero-Fee Revolution One of the biggest obstacles to the widespread adoption of crypto payments is gas fees. Plasma and its flagship product, Plasma One, have made a breakthrough. As a blockchain officially backed by Tether, Plasma achieves zero gas fees for Tether transfers. This removes the biggest psychological and economic barrier for users to use cryptocurrency payments.

The data showing that the total value locked in exceeded $5 billion within 20 days of its launch proves that the speed of capital inflow is astonishing when infrastructure directly provides bank-grade services. This vertically integrated model of “infrastructure + new type of bank” may become the mainstream in the future.

5.3 The Dimensional Reduction of Business Models Crypto Neobank possesses three layers of competitive advantage compared to traditional banks:

Settlement speed: Reduced from 3 to 5 days with SWIFT to seconds on the blockchain.

Account currency: Upgrade from depreciating local fiat currency to an inflation-resistant US dollar stablecoin.

Revenue source: Shifting from earning the interest rate spread between deposits and loans to allowing users to share in the native revenue of DeFi protocols.

For Latin American users, this is not only a better experience, but also a basic need for preserving the value of their assets.

6. Challenges, Strategies, and Endgame Predictions 6.1 Challenges and Breakthrough Strategies Despite the promising outlook, banks in Mexico and Colombia continue to close cryptocurrency business accounts out of compliance fears. Furthermore, Latin American regulation is highly fragmented, making compliance costs for cross-border operations extremely high.

For the Latin American market, Web3 projects need to follow a specific winner’s script:

Brazil First: Given Brazil’s 31% share of crypto transactions in Latin America and its well-developed payment system, it must be the primary battleground.

Niche Priority: Don’t try to be everyone’s bank from the start. The path to success is to first capture a niche community, and then expand.

Viral Marketing: 90% of Nubank’s growth comes from word-of-mouth. Crypto Neobank should leverage on-chain incentives to achieve low-cost viral growth on social networks like WhatsApp.

6.2 Market Forecast Based on the above analysis, we make the following predictions regarding the development of stablecoins in the short to medium term:

Private stablecoins as an alternative to central bank digital currencies: Given Drex’s retreat in the retail sector in Brazil, privately issued compliant stablecoins will effectively assume the role of digital fiat currency.

Mainstream interest-bearing assets: Stablecoins that do not generate interest may face competition from interest-bearing assets such as tokenized US Treasury bonds. Latin American users will increasingly favor holding assets that can both hedge against inflation and generate returns.

Market segmentation: The market will be divided into two camps: one is a highly compliant, bank-integrated whitelist market, and the other is a gradually shrinking but still existing gray peer-to-peer market.

綜上所述 The Latin American stablecoin market is a cutting-edge testing ground for global fintech. Here, stablecoins are not merely icing on the cake, but a necessity that provides lifeline in times of crisis. From digital life preservers in the hands of Argentinians to cross-border settlement tools in the hands of Brazilian financial giants, stablecoins are reshaping the financial arteries of this continent.

With the regulatory framework settling in 2025 and the rise of Crypto Neobank, Latin America is poised to become the first region globally to achieve large-scale commercialization of stablecoins. For investors, the window of opportunity is now only 12 to 18 months. Whoever can replicate Nubank’s user experience via Web3 by 2026 will become the next multi-billion dollar giant. The race has begun, and Latin America is that untapped gold mine.

About Movemaker Movemaker is the first official community organization authorized by the Aptos Foundation and jointly launched by Ankaa and BlockBooster, focusing on promoting the construction and development of the Aptos ecosystem in the Chinese-speaking region. As the official representative of Aptos in the Chinese-speaking region, Movemaker is committed to building a diverse, open, and prosperous Aptos ecosystem by connecting developers, users, capital, and numerous ecosystem partners.

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This article/blog is for informational purposes only and represents the author’s personal views, not the position of Movemaker. This article is not intended to provide: (i) investment advice or recommendations; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets, including stablecoins and NFT, carries extremely high risk, with significant price volatility and the possibility of becoming worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your own financial situation. For specific questions, please consult your legal, tax, or investment advisor. The information provided in this article (including market data and statistics, if any) is for general informational purposes only. Reasonable care has been taken in compiling these data and charts, but we are not responsible for any factual errors or omissions expressed herein.

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