94% of peso-based crypto buying in Argentina goes to stablecoins: a16z crypto

Ninety-four percent of peso-based cryptocurrency purchases in Argentina went into stablecoins, according to an analysis by a16z crypto, the crypto arm of global venture capital firm a16z. According to Wu Blockchain, citing an in-house report released by a16z crypto on Aug. 30 local time, buying cryptocurrency with pesos in Argentina effectively means buying dollars. The report said Argentina had the highest stablecoin share among major fiat-based crypto markets, adding demand remained strong even though the dollar price accessed through stablecoins was far more expensive than dollars at the official exchange rate. The report also said one in five people in Argentina use cryptocurrency, pointing to a high level of crypto adoption within Latin America. In 2024, downloads of the 15 leading crypto apps in Argentina jumped 93% from a year earlier, while the share of Argentina-based contract workers receiving wages in USDC also increased markedly.