According to Jonathan Chester, stablecoins pegged to the US dollar are appreciated among Argentinean remote workers. Of all local customers who used Bitwage to receive payments, 70% used USDT or USDC.
Chester also reported that stablecoin payment volumes in the country have increased sharply. Of the $400 million processed by Bitwage in 2024, Argentina accounted for $100 million, while the number of Argentine stablecoin users has grown by 400% over the past four years.
Chester explained that Argentines prefer to receive their salaries in stablecoins to later purchase dollars in order to protect their salaries in an environment of high inflation. Thus, some Argentines increase their net wages by up to 50%.
Chester emphasized that Argentine freelancers mainly receive stablecoins from employers in the US, EU or UK.
The CEO of the Argentine division of the Bitso crypto exchange, Juan Colombo, confirmed that the country is the leader in the volume of stablecoins in South America. Last year, Argentina accounted for 60% of stablecoin purchase volumes.
Back in 2022, the analytical company Chainalysis named Argentina one of the leaders in the use of tokens linked to fiat currencies. This is especially true for countries with high inflation and currency devaluation.
Source: Bits
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