Unveiling the Rise of Stablecoins in LATAM: Identifying Key Players in the Payment Sector
In a groundbreaking development, a group of influential organisations are leading the charge in the adoption of stablecoins across Latin America, transforming the region's financial landscape. According to the latest Crypto Landscape report by Bitso, more than 100 companies are at the forefront of this rapid growth, underscoring the foundational role of stablecoins in Latin America's financial infrastructure.
Bitso Business, a prominent crypto exchange and platform in Mexico and Latin America, has partnered with Utila, Minteo, BlindPay, and Chuk Okpalugo to create the first comprehensive map of the stablecoin ecosystem in Latin America. This collaborative effort brings visibility to the builders, enablers, and use cases that are transforming payments, remittances, treasury management, trading, and financial inclusion throughout the region.
The unique economic conditions in Latin America, such as persistent inflation, currency volatility, high remittance flows, an unbanked population, and a young digitally native populace, have made stablecoins crucial. Latin American companies increasingly use stablecoins for efficient cross-border transactions and treasury processes, while global firms see stablecoins as a regulated entry point to the region's market.
William Durán, Co-Founder at Minteo, describes the map as a vital testament to the dynamic, holistic transformation stablecoins are igniting across Latin America, with an explosion of new use cases daily, from basic payments to complex financial services. Ben Reid, Head of Stablecoins for Bitso Business, agrees, stating that the map is a tool for startups to find partners, investors to identify opportunities, regulators to better understand the market, and for the ecosystem to grow in a more transparent, informed, and interconnected way.
Bernardo Simonassi, CEO and founder of BlindPay, emphasises the transformative potential of stablecoins in solving real problems in Latin America, such as inflation and international friction. Stablecoins are dominating purchases in Latin America, accounting for 39% of all digital assets acquired in the region in 2024.
The rapid growth of stablecoin adoption in Latin America is attributed to these economic challenges, the evolution of the digital landscape, high inflation, currency volatility, remittances, an unbanked population, and a young, digitally native populace. Global institutions are finding stablecoins a trusted, regulated, and efficient way to enter the Latin American market.
Utila has made Latin America a strategic priority because of its significant role in stablecoin adoption and shaping their global use. The LATAM stablecoin surge marks a pivotal shift in the regional financial landscape, enabling faster, cheaper payments and boosting inclusion, a transformative moment for Latin America's fintech ecosystem.
In summary, Bitso Business, in partnership with Utila, Minteo, BlindPay, and Chuk Okpalugo, are the key players driving the stablecoin ecosystem in Latin America. This collaborative effort aims to contribute clarity and visibility to the stablecoin ecosystem in Latin America, paving the way for a more inclusive, efficient, and interconnected financial future.
ffnews.com reported on the collaboration between Bitso Business and several other organizations in creating a comprehensive map of the stablecoin ecosystem in Latin America, emphasizing its role in boosting financial inclusion, treasury management, trading, and payments throughout the region.
The use of stablecoins by Latin American businesses for efficient cross-border transactions and treasury processes, as well as their appeal to global firms as a regulated entry point to the region's market, is largely due to the unique economic conditions in the region, including high inflation, currency volatility, and remittances.
