Stablecoins have overtaken Bitcoin as the most purchased cryptocurrency in Latin America for the first time, according to Bitso's 2025 report on digital asset adoption across the region. Dollar-linked tokens such as Tether's USDt and Circle's USDC now account for 40% of all crypto purchases, while Bitcoin's share has fallen to 18%, marking a significant shift in how millions of users across the region engage with digital assets.

Digital Dollarization Takes Hold Across the Region

The findings, drawn from data covering nearly 10 million retail users on the Bitso exchange platform, reflect what the company describes as a growing trend toward digital dollarization. In countries facing persistent inflation, currency depreciation and limited access to traditional banking infrastructure, stablecoins offer a practical and accessible means of storing value and transacting in US dollar equivalents.

While the US dollar itself is not immune to inflationary pressure, it depreciates more slowly than most local currencies in the region and remains the world's dominant medium of exchange. For users in economies such as Argentina, Venezuela and Mexico, stablecoins provide a relatively frictionless path to dollar exposure without requiring access to a foreign bank account.

Remittances and Payments Drive Stablecoin Adoption

The global stablecoin market has grown to approximately $320 billion, with adoption expanding across both developed and emerging economies. In Latin America, the appeal is particularly practical: users rely on stablecoins for preserving savings, making everyday payments and sending cross-border remittances at lower cost than traditional financial channels.

Home-grown stablecoin projects are also gaining traction. Brazilian retail giant Mercado Libre launched a cross-border remittance product in early April using its Meli dollar stablecoin for users in Brazil, Mexico and Chile, signalling growing corporate interest in building stablecoin infrastructure tailored to regional needs.

Bitcoin Retains Its Role as a Long-Term Store of Value

Despite the decline in its share of active purchases, Bitcoin continues to occupy a central role in Latin American crypto portfolios. The Bitso report shows the asset is held in 52% of portfolios across the region in 2025, down only marginally from 53% the previous year. The data suggests that while users are increasingly turning to stablecoins for day-to-day financial activity, Bitcoin retains its status as the region's primary long-term digital savings vehicle.

Research by index provider MarketVector has reframed the store-of-value narrative beyond price performance alone, arguing that Bitcoin and gold share core traits including scarcity, decentralisation and resistance to supply expansion. These characteristics, the firm argues, underpin the long-term value proposition of both assets regardless of short-term price volatility.

A Structural Shift in Regional Crypto Behaviour

The Bitso report marks the first time stablecoin purchases have surpassed Bitcoin in Latin America, a milestone that reflects a broader maturation of the regional crypto market. As users become more financially sophisticated, the distinction between speculative assets and utility-driven instruments is becoming more pronounced. Stablecoins are increasingly fulfilling the role of a practical financial tool, while Bitcoin is being repositioned as a long-duration savings asset.

The trend has implications beyond the region. As stablecoin adoption deepens in emerging markets, the infrastructure being built to support dollar-denominated digital transactions is likely to shape the next phase of global crypto growth, with Latin America serving as one of the most active testing grounds for real-world financial use cases.