Chainalysis: Stablecoins Used to Fight Devaluation and Inflation in Latam
According to Chainalysis, a crypto auditing and blockchain tracking firm, the use of dollar-pegged stablecoins is growing in Latam, specifically in Argentina and Venezuela, due to the common economic problems that both countries are facing. 34% of the “small” transactions include stablecoins in Venezuela, and 31% of these in Argentina, as citizens seek to shield themselves from devaluation and inflation.
Chainalysis Report Finds Stablecoins Are Useful for Latam Countries
While criticized by many, stablecoins are becoming a significant part of the activity of the cryptocurrency market in some countries. The latest report from Chainalysis, a cryptocurrency research, and blockchain surveillance firm, has revealed that a significant part of the transactions in Argentina and Venezuela include stablecoins.
The report, which puts the spotlight on the usage of cryptocurrency in these countries, determined that 34% of the small transactions, moving less than $1,...