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Stablecoin adoption successful Latin America is expanding arsenic much users crook to Circle’s USDC and Tether’s USDT for fiscal stability, according to a caller study from cryptocurrency speech Bitso.
The USDC (USDC) and USDt (USDT) stablecoins person go a “store of value” successful Latin America, accounting for 39% of full purchases connected Bitso successful 2024, the steadfast said successful its 3rd variation of the Latin America Crypto Landscape study issued connected March 12.
The study highlighted a important summation successful stablecoin adoption connected the platform, with full stablecoin purchases surging 9% from 2023.
“In Latin America, challenging macroeconomic conditions, characterized by precocious ostentation and currency devaluations, drove accrued cryptocurrency adoption — peculiarly stablecoins — arsenic a reliable store of value,” Bitso stated successful the report.
USDC leads the race, Bitcoin follows
While stablecoin purchases surged, Bitcoin (BTC) saw a notable diminution successful trading measurement connected Bitso successful 2024, with its stock dropping to 22% from 38% successful the 2nd fractional of 2023.
According to Bitso, the diminution successful BTC purchases successful Latin America indicates the increasing inclination of the hodl strategy, which implies buying and holding the cryptocurrency to nett from its semipermanent worth appreciation.
The driblet successful BTC purchases aligned with the bull marketplace of 2024, with Bitcoin rallying past $100,000 for the archetypal clip successful past successful December.
Top 10 purchased crypto assets connected Bitso by stock successful 2024. Source: Bitso
As Bitso users held disconnected connected Bitcoin purchases successful 2024, buying enactment switched to stablecoins similar USDC and USDT, with the erstwhile starring the contention astatine 24%.
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USDT purchases accounted for 15% of full cryptocurrencies acquired connected Bitso successful 2024.
Argentina is the apical USDt marketplace with a 50% share
A much elaborate investigation of geographical preferences among Latin American countries showed a monolithic inclination for USDT usage successful Argentina, which is known for its high stablecoin adoption owed to ostentation rates surpassing 100%.
According to the report, Bitso users successful Argentina mostly favored purchases of USDT and USDC successful 2024, accounting for 50% and 22% of each crypto purchases successful the country, respectively.
Top 10 purchased crypto assets connected Bitso successful Argentina, Brazil, Colombia and Mexico. Source: Bitso
On the different hand, the stock of Bitcoin purchases successful Argentina accounted for conscionable 8% of crypto purchases past twelvemonth connected Bitso, the lowest stock among different analyzed countries.
Brazilian and Mexican Bitso users inactive continued to favour Bitcoin arsenic the astir purchased crypto plus past year, with the BTC buying percentages accounting for 22% and 25%, respectively.
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