Over 40% of all crypto trades in Latin America involve the USDT stablecoin, signaling a waning interest in Bitcoin, which is even trailing XRP in the region’s top trading pairs.

Stablecoins in Latin America

Stablecoins are more popular in Latin America (LATAM) than Bitcoin. Stablecoin-to-fiat trading pairs accounted for more than 60% of the top 10 trade volume in the region, according to data compiled by a blockchain analytics firm. The data reveals that USDT, issued by Tether, is significantly more popular than Bitcoin among Latin American traders, accounting for over 40% of all trades.

The growing dominance of stablecoins has prompted local central banks to increasingly consider issuing central bank digital currencies (CBDCs), though it remains uncertain if they can compete effectively.

Trading Trends in LATAM

In a surprising development, Bitcoin even lags behind XRP, a token developed by Ripple, in LATAM. Data indicates that the XRP/MXN trading pair has surpassed BTC/BRL by at least a billion dollars in turnover. However, XRP’s popularity in the region is mainly due to its partnership with the Bitso crypto exchange.

Market Dominance

Despite these shifts, Binance continues to dominate the market in terms of turnover, particularly in stablecoin trades. The rapid growth of the Brazilian crypto market is evident, with monthly BRL trade volumes averaging $1.3 billion, up from $0.7 billion in 2023. However, Binance’s dominance appears to be waning in the region, as trade volumes on Mercado Bitcoin, Brazil’s largest crypto exchange, more than doubled in 2024, driven by activity in both Bitcoin and altcoins.

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