Another high-profile cryptocurrency company has pointed out the relevance of stablecoins for Argentina. Jonathan Chester, CEO of Bitwage, has highlighted the pivotal role that stablecoins, tokens pegged to the value of the digital dollar, play for Argentine remote workers.

Chester stated that of all the Argentine users who harnessed Bitwage’s services to collect their payments, 70% used stablecoins like USDT or USDC. In addition, volumes in the country have skyrocketed. He revealed that Argentina accounted for $100 million out of the $400 million processed by Bitwage during 2024, with a user growth of 400% during the last four years.

In an interview with Argentine media, Chester explained how Argentines use stablecoins to acquire dollars and protect their salaries in a high-inflation environment. He declared:

In Argentina, stablecoins have been a lifesaver, in some cases increasing net wages by up to 50%, as traditional exchanges can’t keep up with inflation.

Chester acknowledged that Argentines were attracted to remote work due to the opportunities of finding employment with higher remuneration paid in dollars, or in this case, dollar-pegged stablecoins. “Bitwage helps these workers collect their wages from clients in the U.S., EU, or the U.K. by sending them stablecoins directly to any wallet of their choice,” he stressed.

Several reports have confirmed that Argentina has become a stablecoin foothold in Latam. Juan Colombo, CEO of Bitso Argentina, confirmed that the nation led stablecoin purchases in the region last year with 60% of the purchasing volumes. In the same way, a February report by Lemon, a national exchange, disclosed that 80% of all the purchases routed through the exchange in 2023 corresponded to stablecoins.

To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam Insights newsletter below.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。