Argentina has surpassed Brazil as the leading cryptocurrency market in Latin America, with user inflows reaching $91 billion between July 2023 and June 2024, according to a Chainalysis report. Argentina’s rapid adoption of crypto is driven by high inflation and currency devaluation, leading citizens to seek financial stability through alternatives like stablecoins.

Stablecoins accounted for 61.8% of Argentina's crypto transactions, reflecting a strong preference for assets tied to the US dollar. Retail-sized transactions under $10,000 have increased, showing that everyday Argentinians are using stablecoins to hedge against inflation.

Tether, a major stablecoin issuer, has prioritized Argentina due to the demand for "digital dollars" in unstable economies. Argentina has also made efforts to become a crypto-friendly nation, allowing Bitcoin in legal contracts and introducing blockchain education, although its regulatory framework for crypto remains underdeveloped.