• November 30, 2023


All the latest cryptocurrency news

The Demand for Stablecoins Grows in Argentina

ByLouis Adams

Jul 5, 2022 #Stablecoin
Reading time: < 1 minute

Argentinian citizens are becoming increasingly interested in stablecoins following the unexpected resignation of Argentina’s Minister of Economy, Martin Guzm├ín.

According to Criptoya, USDT has jumped to 262.9-318.9 pesos, which implies a 109.5%-154.2% premium. A similar situation has been observed for other “stablecoins,” including USDC, DAI, BUSD and USDP.

The departure of the official may threaten further destabilization of the economy.

Since the beginning of 2022, the peso, the country’s official currency, has fallen by 22.1%. The growth of consumer prices in annual terms in May accelerated from 58% to 60.7%. Over the past 10 years, a double-digit inflation has been observed in the country.

Stablecoins act as a store of wealth for Argentinian residents.