Argentina, the nation which recently elected self-described "anarcho-capitalist" Javier Milei as president, has the largest purchases and holdings of stablecoins in Latin America over the past six months, according to a report by Mexican-founded crypto exchange Bitso. This compares to Colombia, Brazil and Mexico, where stablecoin purchases ranged between 31% and 40% of total crypto buys. Argentines were responding to current “political and economic context, which has promoted the acquisition of stablecoins as an alternative to inflation and devaluation,” said Bitso. The nation’s annual inflation rate soared to 211.4% in 2023.
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