- Main event: LATAM crypto volumes rose 9x from 2021–2024.
- Bitso dominated with 93% market share.
- Stablecoins fueled financial infrastructure change.
Dune’s LATAM report reveals a monumental ninefold surge in Latin American crypto exchange volumes, reaching $27 billion from 2021 to 2024, driven by key blockchains like Ethereum, Tron, and Solana.
This significant increase reflects a shift toward utility in financial infrastructure, notably for payments and remittances, impacting market dynamics beyond speculative trading.
Dune’s LATAM report indicates crypto exchange volumes surged to $27 billion by 2024. Ethereum, Tron, and Solana drove this rise over three years, influencing financial systems. This period marked significant growth in the LATAM cryptocurrency sector.
Bitso emerged as the leading exchange, holding a 93% market share by 2024. It accounted for $25.2 billion in exchange flows, showing a significant increase from 66% in 2021. The report highlights the considerable role of stablecoins.
The rise in exchange volumes reshaped LATAM’s financial infrastructure. Stablecoins, including USDT and USDC, accounted for over 90% of trading activity. These developments underscore the growing importance of crypto as a financial tool.
The economic appeal was evident in LATAM due to its utility-driven demand, encompassing remittances, payments, and hedging. This structural expansion shows the increasing reliance on cryptocurrencies for practical financial solutions.
Fredrik Haga, Co-founder, Dune Analytics, “This growth came without a sustained bull market, reflecting a shift toward real-world utility such as cross-border commerce, remittance settlements, and currency hedging.” – Dune Analytics Report
Dune’s report portrays a shift driven by stablecoins and major blockchains, reshaping LATAM’s financial landscape. This points to cryptocurrencies extending beyond speculative use, acting as vital pillars in daily transactions for the region.
The emphasis on tangible exchanges like USDT and USDC indicates cryptocurrencies as vital economic options. Their acceptance in LATAM signals a shift toward real-world efficiency, reflecting a transformative potential beyond traditional currency frameworks.
