Stablecoin's dependence in Latin America increases with the transformation of more users to USDC from Circle and Tether Usdt for financial stability, according to a new report from Bitso Cryptocurrency Bitso.
The company said in its third edition of the Latin American Procurement Report, which represents 39 % of the total purchases in 2024, that Stablecoins USDC (USDC) and USDT (USDT) became a “value store” in Latin America, where it represents 39 % of the total bitso purchases in 2024. Release On March 12.
The report highlights a significant increase in Stablecoin's dependence on the platform, with the increased Stablecoin purchases of 9 % out of 2023.
“In Latin America, the challenge of the total economic conditions, which is characterized by high inflation and currency evaluation, has increased the accreditation of cryptocurrency – especially Stablecoins – as a reliable value of value,” Beto stated in the report.
USDC leads the race, follows bitcoin
While Stablecoin's purchases increased, Bitcoin (BTC) has witnessed a noticeable decrease in Bitso trading volume in 2024, with a decrease to 22 % of 38 % in the second half of 2023.
According to Bitso, the decrease in BTC purchases in Latin America indicates the increasing direction of the Hodl strategy, which means buying and keeping encrypted currency to benefit from its long -term estimate.
The decrease in BTC purchases is in line with the 2024 bull market, as Bitcoin exceeds $ 100,000 for the first time in history in December.
The 10 best encryption assets purchased on Bitso by participating in 2024. Source: Bitso
While Bitso users were suspended in Bitcoin purchases in 2024, the purchase activity was converted to Stablecoins such as USDC and USDT, as he led the previous race by 24 %.
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Usdt purchases made up 15 % of the total encrypted currencies obtained on Bitso in 2024.
Argentina is the highest USDT market with 50 % stake
A more detailed analysis of geographical preferences between Latin American countries showed a tremendous direction of using USDT in Argentina, which is known as high highlands adoption due to inflation rates that exceed 100 %.
According to the report, Bitso users in Argentina mostly preferred to buy USDT and USDC in 2024, which represents 50 % and 22 % of all encryption purchases in the country, respectively.
The 10 best coded assets on Bitso in Argentina, Brazil, Colombia and Mexico. Source: bitso
On the other hand, the share of Bitcoin in Argentina in only 8 % of the purchases of encryption last year on Bitso, the lowest share among other countries that have been analyzed.
Brazilian and Mexican Bitso users continue to prefer Bitcoin as a more purchased outbreak last year, as the percentage of BTC buy 22 % and 25 %, respectively.
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