Lemon Report: Argentina Leads Crypto Adoption in Latam; Tether Dominates Stablecoin Sector

Argentina is leading the adoption of cryptocurrency in Latin America. According to a report titled “Argentina Crypto Capital,” produced by Lemon, a leading exchange in the country, four of every ten cryptocurrency apps in Latam are being used by Argentines, with over 70% of the deposits processed by the exchange corresponding to USDT, Tether’s dollar-pegged stablecoin.

Lemon Report: Argentina Beats Even Brazil in Crypto Adoption

Argentina is the country that is leading the charge when it comes to cryptocurrency adoption in Latin America. According to a recent report by Lemon, an Argentine cryptocurrency exchange that commands over 38% of the crypto market in the country, four of every ten crypto apps in Latam are being used from Argentina.


Argentina has even surpassed the Brazilian market in volumes received. From June 2022 to July 2023, Argentina received over $85.4 billion in crypto.
Lemon argues that this behavior has to do with the specific usage that Argentines give crypto, which is derived from the increased inflation and devaluation levels faced by the users of these tools. The report affirms that in Latam, cryptocurrency adoption is “based on the need to save and exchange value in hard currency, escaping the devaluation of local currencies.”
This is why 80% of all crypto purchases in Argentina in 2023 corresponded to stablecoins. Lemon found that over 70% of the deposits processed in 2023 in its platform involved USDT, Tether’s dollar-pegged stablecoin, in any of the supported chains. Furthermore, 32.59% of the deposits under Lemon’s custody at the end of 2023 were denominated in USDT, while only 29.10% were in BTC.

Lemon’s report is consistent with the known behavior that the Brazilian market has had. In October, the Brazilian Tax authority acknowledged the “vertiginous growth” of stablecoins trading, stating that it might have “significant implications for the tax and regulatory scenario for cryptocurrencies in the country.”
Latam’s and Argentina’s adoption differs from the trends in countries like the U.S., which register bitcoin and altcoin purchases in a larger proportion. This indicates an investment or speculation use, the report concluded.
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