Tether and Circle Stablecoins dominate in Argentina!

Argentina is a Latin American country. In fact, it is currently the second largest country in Latin America in terms of population and the third largest economy. It is well known and loved by many of us, especially for football. But this country has been suffering from economic problems for a long time. It has been plagued by severe inflation that hit a 32-year high last year, with the country's highest annual inflation rate rising to 211.4% last year.

However, this country ranks second in Latin America and 15th in the world for adoption of digital currencies and cryptos Crypto exchange Bitso published a report on Argentina describing it as a nation that recently elected self-described “anarcho-capitalist” Javier Millais as president. But an interesting fact here is that this country has the most purchases and stablecoins in Latin America in the last six months, despite suffering from inflation.

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It is currently going through economic crisis especially inflation has increased to a great extent. As a result, the country and its people are facing a serious economic crisis. As a result, the country's own currency, the peso, plunged. We all know that when a country gets into inflation, its own currency sinks and depreciates a lot. As a result, 60% of the country's crypto purchases on Bitso are for the dollar-denominated stablecoins USDT and USDC, and only 13% for Bitcoin purchases.

The country's people were currently reacting to the "political and economic context" when this economic crisis was going on in the country. And the country's people promoted the acquisition of stablecoins as an alternative to inflation and devaluation in response to this crisis. As a result, the use of stablecoins by the country's people increased greatly.

Although the country's new The president has made some friendly moves to stop Bitcoin's complete lack of approval. Miley even recently called central banking "a scam." The country's use of stablecoins has skyrocketed, and compares favorably with Colombia, Brazil, and Mexico, where stablecoin purchases account for more than total crypto purchases. was between 31% and 40%.