Source: Cointelegraph Original: "{title}"
According to a recent report from the cryptocurrency exchange Bitso, the adoption of stablecoins in Latin America is increasing, with more users turning to Circle's USDC and Tether's USDT in search of financial stability.
In the third edition of the "Latin America Crypto Landscape" report released by Bitso in 2024, it was noted that USDC and USDT stablecoins have become "value storage tools" in Latin America, accounting for 39% of the total purchase volume on the Bitso platform.
The report highlighted a significant growth in stablecoin adoption on the platform, with stablecoin purchases increasing by 9% compared to 2023.
Bitso stated in the report: "In Latin America, severe macroeconomic conditions of high inflation and currency devaluation are driving the adoption of cryptocurrencies (especially stablecoins) as reliable means of value storage."
Despite the surge in stablecoin purchases, Bitcoin (BTC) trading volume on Bitso saw a significant decline in 2024, with its market share dropping from 38% in the second half of 2023 to 22%.
According to Bitso's data, the decline in Bitcoin purchases in Latin America indicates that the holding strategy (hodl) is becoming an increasingly popular trend, meaning that users are profiting from the long-term value growth of cryptocurrencies by buying and holding them.
The decline in Bitcoin purchases coincides with the bull market in 2024, where Bitcoin first surpassed $100,000 in December.
The top 10 crypto assets purchased by share on Bitso in 2024. Source: Bitso
As Bitso users delayed purchasing Bitcoin in 2024, buying activity shifted towards stablecoins like USDC and USDT, with the former leading at 24%.
In 2024, USDT purchases accounted for 15% of all cryptocurrency purchases on Bitso.
A more detailed analysis of geographical preferences across Latin American countries shows that Argentina exhibits a significant trend in USDT usage, closely related to the country's high adoption of stablecoins due to an inflation rate exceeding 100%.
According to the report, in 2024, Bitso users in Argentina primarily preferred to purchase USDT and USDC, accounting for 50% and 22% of all cryptocurrency purchases in the country, respectively.
Top 10 crypto assets purchased on Bitso by volume in Argentina, Brazil, Colombia, and Mexico. Source: Bitso
On the other hand, Bitcoin purchases in Argentina on the Bitso platform accounted for only 8%, the lowest among all countries analyzed.
Users in Brazil and Mexico on Bitso continue to prefer Bitcoin as the most popular crypto asset, with Bitcoin purchase shares of 22% and 25%, respectively, last year.
Related: Analysts believe that the decline in cryptocurrency trading volume suggests market weakness.
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