Dune: Stablecoins Constitute the Backbone of Latam's Decentralized Economy

In its latest Latam report, Dune found that stablecoins have taken root in the region, growing to become one of the financial backbones of the crypto economy. Latam has an appetite for stablecoins, be it in implementation by companies and institutions or in adoption by users.

Dune Report Shows Stablecoins Reign Supreme in Latam

Stablecoins have become a key element in the finances of crypto-natives in Latam. Dune, a Web3 data platform, recently issued its Latam Crypto 2025 Report, concluding that stablecoins have become enablers in the region, with high adoption rates and transaction volumes.

The report, which focuses on exchanges, platforms, and projects that primarily serve Latam users, shows that during the January 2021–July 2025 period, stablecoin have moved over 50 billion in value, with USDT ($32.4 billion) almost doubling USDC ($18.36 billion).

In the last two years, stablecoin usage has expanded, pioneering worldwide market trends now in effect. About this, Dune declared:

This evolution likely reflects a broader change in the use cases driving exchange flows: away from speculative trading of volatile assets, and toward practical applications such as payments, remittances, merchant settlement, and on/off-ramping for dollar savings.

In July, 90% of exchanges’ transfer volume involved USDC and USDT, showing the preference that these tools enjoy in the region. In general, stablecoins accounted for 39% of purchases regionally in 2024. This percentage is higher in countries like Argentina, where USDT and USDC, the two main stablecoins, accounted for 72% of all crypto purchases in 2024.

Regarding the chains in which these volumes are transacted, Dune explains that during the period, Ethereum was the most used network, while others followed. “Ethereum remains the settlement backbone, Tron has taken a dominant role in low-cost stablecoin transfers, and Polygon is steadily growing its share by carving out a niche in payment-focused flows,” the report noted.

Dune’s findings are in line with what regional exchanges like Bitso have been explaining for years, correlating the increased adoption of stable assets and the rise of real-world applications for these.

Read more: Bitso Report: XRP Rises as a Dark Horse in Latam Portfolios