30% of all retail transaction in Argentina and Venezuela in 2022 were made with USD stabelcoins. Crypto adoption is taking off where needed the most.

While we all may be waiting for the best time for our Crypto mass adoption, what if that time has already happened or we are in the middle of it? Undoubtedly the 2021 Bull Market had put Crypto into the spotlight for everyone and they were calling Crypto a lot of things, from just like a “big tech investment“ to even “inflation-hedge“. Even if through the bear market we always said that Crypto could not live up to those things just yet, in reality it did live up to those description in some places.

Those places were especially where we had hyper-inflation. There Crypto was actually seen as a possible escape from the incompetence of their governments. For example those countries include Argentina and Venezuela with sky-high inflations of over 100% and interest rates form banks also nearly exceeding 100%.

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Chart showing share of USD stablecoins for lower than $1k purchases, by CoinBeast

Here we can see how those places are also seeing a lot of adoption of USD stablecoins, which are probably the easiest to adopt as you can directly exchange them for goods and they remain stable (at least they should be…).

Both Venezuela and Argentina are seeing 30% of the retail volume being set through those stablecoins, which is a lot and just shows how aware people there actually are of Crypto, a lot more than in most other countries. Seems like people will be ready to adopt all of Crypto, if they really have the need to.