Stablecoins Overtake Bitcoin in Latin America: USDT Dominates the Crypto Market
Stablecoins have surpassed Bitcoin in popularity among crypto users in Latin America.
Kaiko's latest report reveals that 63% of crypto volumes on the largest exchanges in the region belong to stablecoins.
The rapid adoption of stablecoins in Latin America began around 2021 due to economic instability.
A recent report from Kaiko, a major research firm, revealed that stablecoins have surpassed Bitcoin in popularity among crypto investors in Latin America. This development, observed in seven major cryptocurrency exchanges in the region, indicates a significant shift towards stable digital assets.
Importance of Stablecoin Transactions
According to Kaiko's findings, 63% of the top ten trading volumes on these exchanges are attributed to stablecoin-to-fiat pairs. Binance, which holds nearly half of the crypto transactions in Latin America in particular, has seen a clear inclination of its users towards stablecoin transactions. Data from Kaiko shows that stablecoins are among the most traded assets on all three major platforms, highlighting their emerging dominance.
