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Over 40% of all crypto trades in Latin America involve the USDT stablecoin, signaling a waning interest in Bitcoin, which is even trailing XRP in the region’s top trading pairs. 
<a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="">Stablecoins</a> are more popular in Latin America (<a href="https://crypto.news/tag/latin-america/" target="_blank" rel="">LATAM</a>) than <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> as stablecoin-to-fiat trading pairs accounted for more than 60% of the top 10 trade volume in the region, according to data compiled by Kaiko, a blockchain analytics firm. 
The data reveals that <a href="https://crypto.news/tag/usdt/" target="_blank" rel="">USDT</a>, issued by <a href="https://crypto.news/tag/tether/" target="_blank" rel="">Tether</a>, is significantly more popular than <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> among Latin American traders, accounting for over 40% of all trades. Kaiko notes that this growing dominance of stablecoins has prompted local central banks to “increasingly consider” issuing central bank digital currencies (<a href="https://crypto.news/tag/cbdc/" target="_blank" rel="">CBDCs</a>), though it “remains uncertain if they can compete effectively.” 
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 <img loading="lazy" decoding="async" width="1024" height="449" src="https://crypto.news/app/uploads/2024/06/sdhfufsdhf-1024x449.png" alt="Stablecoin USDT more popular than Bitcoin in Latin America, Kaiko says - 18"> 
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 Leading markets in LATAM in 2024 | Source: Kaiko
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 You might also like: <a href="https://crypto.news/circle-bets-on-latin-america-as-stablecoin-adoption-surges/" rel=""> Circle bets on Latin America as stablecoin adoption surges </a> 
In a surprising development, in LATAM Bitcoin even lags behind <a href="https://crypto.news/price/xrp/" target="_blank" rel="">XRP</a>, a token developed by <a href="https://crypto.news/tag/ripple/" target="_blank" rel="">Ripple</a>. Data indicates that the XRP/MXN trading pair has surpassed BTC/BRL by at least a billion dollars in turnover. However, Kaiko notes that XRP’s popularity in the region is mainly due to its <a href="https://crypto.news/ripple-wins-big-in-us-mexico-transfers-based-on-bitsos-report/" target="_blank" rel="">partnership</a> with the Bitso crypto exchange. 
Despite these shifts, Binance continues to dominate the market in terms of turnover, particularly in stablecoin trades, according to Kaiko. The firm also highlighted the rapid growth of the Brazilian crypto market, with monthly BRL trade volumes averaging $1.3 billion, up from $0.7 billion in 2023. However, Kaiko says Binance’s dominance appears to be waning in the region, as trade volumes on Mercado Bitcoin, Brazil’s largest crypto exchange, more than doubled in 2024, driven by activity in both Bitcoin and altcoins. 
 Read more: <a href="https://crypto.news/how-latin-america-became-an-important-player-in-the-crypto-landscape/" rel=""> How Latin America became an important player in the crypto landscape? </a>

Stablecoin USDT more popular than Bitcoin in Latin America, Kaiko says

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