a16z crypto analysis indicates that about one-fifth of Argentina's population uses cryptocurrency, making it one of the highest usage rates in Latin America. Buying cryptocurrency locally is primarily equivalent to buying US dollars.

In peso-denominated crypto transactions, 94% flow into stablecoins, the highest among the main currencies tracked by Artemis. Dollar stablecoins were initially used to cope with foreign exchange controls and hyperinflation, and continued to be used even after economic pressures eased, gradually becoming a habit.

Monthly inflation has dropped from a peak of 25.5% to 2.1%. Year-on-year inflation reached 289% in April 2024. After most personal foreign exchange purchase restrictions were lifted in April 2025, the gap between the official exchange rate and the crypto dollar narrowed; as of August 28, 2026, digital dollars were still about 4% more expensive than the official market rate.

On the salary side, there has been no zeroing out. Deel data shows that the proportion of Argentine contract workers receiving payments in USDC rose in tandem with inflation; after inflation fell, this usage declined and stabilized. As of July 2026, the proportion of USDC payments was about one-fifth of its peak, similar to inflation indicators.

The number of wallets is still increasing. In 2024, downloads of the top 15 crypto applications in Argentina rose by 93% year-on-year. The mainstream wallet Lemon continued to grow in downloads quarter by quarter during the period of falling monthly inflation. After the crisis eased, stablecoin salaries did not disappear but returned from emergency use to regular use.

In market mechanisms, buyers are families and contract workers who want to immediately exchange pesos for digital dollars, while sellers are USDT, USDC, and local wallet channels. This trend is driven by falling inflation but retained habits, with funds flowing from peso demand deposits to dollar stablecoins; benefiting are wallets and stablecoin issuers that provide exchange, payroll, and consumption cards, while traditional accounts that still absorb deposits in pesos are under pressure.

Source: Public Information