According to the recent Bitsso Bitsso report in Latin America in Latin America, Latin America is growing when more users change into Circle USDC and Tether for financial stability.
Stablecouins USDC (USDC) and USDT (USDT) have become a “value warehouse” in Latin America, which is 39% of all purchases in Bitso in 2024, the company said in the third edition of the Landscape Report in Latin America in Latin America released March 12.
The report emphasized the significant escalate in Stablecoin adoption on the platform, with the total purchases of Stablecoin increased by 9% from 2023.
“In Latin America, difficult macroeconomic conditions, characterized by high inflation and currency devices, caused an increase in the reception of cryptocurrencies – especially Stablecouins – as a reliable magazine of values,” said Bitso in the report.
USDC runs a race, Bitcoin follows
While Stablecoin purchases increased, Bitcoin (BTC) recorded a significant decrease in the volume of Bitso trading in 2024, and his share fell to 22% from 38% in the second half of 2023.
According to Bitso, the decrease in BTC purchases in Latin America indicates the growing trend of the Hodl strategy, which implies the purchase and maintenance of cryptocurrency to benefit from its long -term recognition of value.
The decrease in BTC purchases was in line with the 2024 bull market, and Bitcoin exceeded $ 100,000 for the first time in history in December.
TOP 10 purchased cryptocurrency resources for BITSO according to shares in 2024. Source: Bitso
When Bitso users stopped Bitcoin purchases in 2024, the purchase activity changed to Stablecoin, such as USDC and USDT, and the previous one ran a 24%race.
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USDT purchases constituted 15% of total cryptocurrencies acquired at Bitso in 2024.
Argentina is the highest USDT market with 50%
A more detailed analysis of geographical preferences among Latin American countries showed a huge trend for USDT utilize in Argentina, which is known for the high reception of Stablelecoin due to inflation indicators exceeding 100%.
According to the report, Bitsso users in Argentina mostly favored USDT and USDC purchases in 2024, respectively 50% and 22% of all purchases of cryptocurrencies in the country, respectively.
TOP 10 bought cryptographic assets at Bitso in Argentina, Brazil, Colombia and Mexico. Source: BITSO
On the other hand, the share of Bitcoin purchases in Argentina accounted for only 8% of cryptographic purchases last year at Bitso, the lowest share among other analyzed countries.
Brazilian and Mexican Bitso users still favored Bitcoin as the most frequently purchased cryptographic assets last year, and BTC’s percentage purchases are 22% and 25%, respectively.
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