The use of stablecoins in everyday payments in Latin America continues to increase. Digital currencies are a response to factors such as inflation, monetary weakness, financial volatility and difficult access to dollars.

In various LA countries “the so-called digital dollars are beginning to be used to pay, save and send money, beyond crypto trading.”

Venezuela, Brazil, Mexico, Colombia and Argentina set the trend in the region in terms of the adoption of payment systems based on “digital wallets, QR codes, cards”, as well as increasingly efficient and secure applications and platforms.

The currencies of these countries are converted to stablecoins such as USDT or USDC or cryptocurrencies such as bitcoin.

Traditional banking users now see digital assets as an everyday means of payment, not as a means of investment. The growth in the use of stablecoins in Latin America is linked to “specific needs: protecting purchasing power, moving money between countries, accessing a more stable unit of account and making payments without always depending on the traditional banking system.” Added to this is sending money to relatives in other countries in the format of remittances.

M.Pino

Source: cripto247

(Reference image source: Kanchanara on Unsplash)

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