In brief
- Argentines swapped pesos for dollar stablecoins on Sunday, as locals expeted ARS to plummet during the midterm elections.
- President Javier Milei faced a make-or-break election amid declining approval ratings tied to corruption scandals.
- As the results became clear, a LATAM crypto app recorded its highest-ever volume in a single hour as the peso grew stronger.
Argentine President Javier Milei’s party secured a surprise, but decisive victory in the nation’s midterm legislative elections on Sunday. And citizens concerned about the potential election results purchased hoards of U.S. dollar stablecoins over the weekend, with experts noting a significant surge in “crypto dollar” usage.
Facundo Werning, LATAM head for stablecoin issuer Agora and former Tether expansion manager for Argentina, told Decrypt that he saw a “notable increase in volume across the USD stablecoin to [Argentine peso] trading pair,” with a conservative estimate of $13.4 million in trading volume on Sunday.
Similarly, the South American crypto app
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Author: Ryan Gladwin
