According to Odaily Planet Daily, blockchain security company Chainalysis released a study on Wednesday showing that cryptocurrency adoption in Argentina is growing and there is a correlation between the use of stablecoins and the depreciation of the country's currency.
Stablecoins in Argentina account for 61.8% of all crypto transactions, higher than Brazilâs 59.8% and second only to Colombiaâs 66%.
The report states that Argentinesâ use of stablecoins to gain exposure to the U.S. dollar highlights the role of cryptocurrencies in volatile markets and how citizens can gain greater control over their financial future by embracing cryptocurrencies.
The report added that the depreciation of the Argentine peso often leads to an increase in stablecoin trading on crypto exchanges.