USDT Surpasses Bitcoin in Popularity Among Latin American Crypto Traders, Says Kaiko
There are many reports showing that stablecoins have replaced Bitcoin as the most used cryptocurrency in Latin America. To be more specific, in more than 40% of trades in the region, customers choose USDT while in many cases even beating XRP among the top trading pairs in the region.
Rising Dominance of Stablecoins in LATAM
Stablecoins took the lead in Latin America, as over 60% of the most popular trading pairs measured by trade volume in the top 10 are stablecoin-to-fiat pairs. To put it differently, a piece of the study, which has been created by a blockchain analytics company Kaiko, provides a view on the change in trading with the locals.
USDT’s Growing Popularity
Based on the Tether blockchain, USDT appears more prominent compared to Bitcoin to the extent that it realizes up to 40% of all trade activities. Among other coins, the press of stablecoins has led to local banks to think about the possibility of central bank digital currencies (CBDCs), but it is still vague if they will be able to. It will manage to rival the established stablecoin or compete effectively with well-established stablecoins.
Bitcoin Falls Behind XRP
It is quite incredible that Bitcoin ranks only second to XRP made by Ripple. That is to say from the data, one can see that XRP/MXN has moved up in terms traded volume surpassing BTC/BRL by even a billion dollars. This has caused the increase in activity in the region, which is why it is the most popular along with Bitso crypto exchange according to Kaiko.
Binance Maintains Market Dominance
In parallel, Binance, which has been one of the most massive exchanges to date in terms of stablecoin trading, still had the upper hand on them all although there were some changes taking place. The report showed that the Brazilian crypto market amazingly improved to a monthly average of trading that broke a point of $1.3 billion increasing from $0.7 billion compared to 2023. Nevertheless, Binance losing its power on the market is evident especially in the case of stablecoin trades. 2024 saw a turnover of more than 100% on both Bitcoin and altcoins.
