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In 2024, Circle’s USDC stablecoin was used to buy the most crypto on Bitso, the biggest exchange in Latin America.
A new report from cryptocurrency exchange Bitso and USDt says that more people in Latin America are using stablecoins like Circle’s USDC and Tether’s USDT for financial safety.
According to Bitso’s third edition of the Latin America Crypto Landscape report published on March 12, stablecoins have evolved into a “store of value” in Latin America, and they made up 39% of all purchases made on the site in 2024.
The report indicated that stablecoin use on the platform has grown considerably, with total purchases of stablecoins rising by 9% since 2023.
Bitso said in the report, “In Latin America, tough macroeconomic conditions like high inflation and currency devaluations led to more people using cryptocurrencies, especially stablecoins, as a safe way to store value.”
USDC Is Number One; Bitcoin Comes Next
Even though people bought more stablecoins, Bitcoin trading on Bitso fell sharply in 2024, with its share going down from 38% in the second half of 2023 to 22%.
Bitso says the drop in BTC purchases in Latin America shows that the “HODL strategy” is becoming more popular. This means buying cryptocurrency and holding on to it to benefit from its value rising over the long term.
It was in line with the bull market of 2024 that fewer people bought Bitcoin. In December, Bitcoin rallied past $100,000 for the first time in its history.
In 2024, Bitso users put off buying Bitcoin. Instead, they bought stablecoins like USDC and USDT, with USDC leading the way with 24%.
About 15% of all the cryptocurrencies bought on Bitso in 2024 were USDT.
Argentina Uses The Most USDT, Holding 50%
An in-depth look at how people in different Latin American countries prefer to use their money showed that a huge number of people were using USDT in Argentina. This country is famous for having many people using stablecoins because of its high inflation rates (more than 100%).
The report shows that Bitso users in Argentina mostly liked buying USDT and USDC in 2024, making up 50% and 22% of all crypto purchases in the country, respectively.
On the other hand, Argentina had just 8% of crypto purchases last year on Bitso, which was the lowest share among other analyzed countries.
Bitso users in Brazil and Mexico continued to choose Bitcoin as the most popular cryptocurrency to buy last year, with 22% and 25% of all purchases being Bitcoin.
In short, most of the people in Latin America are switching from Bitcoin to stablecoins like USDC and USDT because they don’t trust their currencies as much.
