Crypto users in Latin America generate over 9% of global crypto transaction volume. Meanwhile, the region saw a 42.5% increase over the year, driven by strong crypto usage in Argentina and Brazil.
According to a report by Chainalysis, from July 2023 to June 2024, the volume of crypto transactions in Latin America reached $415 billion. Overall, the region accounted for approximately 9.1% of the global crypto transaction volume during the studied period.
Argentina led the region, with users sending and receiving $91.1 billion in crypto over the year. In second place were Brazilians with $90.3 billion. The surge in digital asset popularity is primarily fueled by the interest of major local financial institutions. Cryptocurrencies are also being actively used by citizens to protect their savings from inflation.
“People don’t like using the Argentine peso because it keeps losing value. And the cost of most things in the country is still valued or pegged to the U.S. dollar. As a result, locals are actively using cryptocurrencies on a par with the dollar’s cash,” shares Max Krupyshev, CEO of CryptoProcessing.com, reflecting on his time living in Argentina. He says the country’s residents actively use mobile FinTech applications and crypto wallets, while local businesses are looking for a reliable ecosystem to accept crypto payments.
According to the Chainalysis report, stablecoins are indeed the most widely used assets in Argentina — 61.8% of all cryptocurrency transactions in the country were in stablecoins. Notably, among Latin American countries, only Colombia has a higher popularity of stablecoins — 66%. For comparison, globally, stablecoins represent about 44.7% of the total crypto transaction volume.
Earlier, a similar report by Chainalysis showed that users in the Middle East and North Africa generate about 7.5% of the global cryptocurrency transaction volume.
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