CandleFocus Stablecoin Use Booms in Argentina as Inflation Skyrockets: Report
2024-10-09
Author: Content Editor
According to a report by Chainalysis, crypto adoption in Argentina is growing due to the correlation between stablecoin use and the devaluation of the country's currency. Argentina has one of the highest rates of inflation in the world, leading people to use stablecoins to gain exposure to the US dollar. The report also highlighted that the Argentine peso's declining value resulted in increased trading of stablecoins on crypto exchanges. The use of stablecoins in Argentina is among the highest in the region, with a share of stablecoin transaction volume at 61.8% compared to Brazil's 59.8%. Venezuela, another country suffering from hyperinflation, also experienced high cryptocurrency usage to hedge against economic crisis.
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