Argentina stablecoin usage reaches 94% of peso crypto volume

Stablecoins have become a primary tool for Argentines to access US dollar value, accounting for 94% of peso-denominated cryptocurrency trading volume. This figure is the highest among major currencies tracked by Artemis. Approximately one in five Argentines now uses cryptocurrency, with downloads of the top 15 crypto applications increasing by 93% in 2024 compared to the previous year.

Historically, the preference for dollars in Argentina stems from past financial crises and currency devaluations. The rise of stablecoins as a “digital dollar” accelerated following the reintroduction of capital controls in 2019, which limited official monthly dollar purchases. While the government under President Javier Milei began dismantling these controls in April 2025—lifting purchase limits and eliminating certain withholding taxes—the use of stablecoins has remained a persistent habit.

Data from Deel indicates that while the proportion of contractors receiving payments in USDC has declined from its peak during periods of extreme inflation, it has stabilized rather than disappearing. Furthermore, the premium for stablecoins over the official exchange rate, which once exceeded 100% during peak capital controls, has narrowed to approximately 4% as of late August 2026.