Bitso, the largest crypto exchange in Latin America, reported that stablecoins now account for 40% of all crypto purchases across its regional user base, according to a tweet published May 2, 2026 summarizing the company's latest LatAm Crypto Landscape report. The figure marks the strongest stablecoin share Bitso has recorded since it began tracking purchase mix in the region.
The reading lands against a soft macro backdrop. As of May 2, 2026, Bitcoin trades at $78,179 (up 1.4% in 24 hours), Ether at $2,300 (up 0.7%), and the Crypto Fear and Greed Index sits at 45 (Neutral). With BTC chopping sideways and Latin American currencies still under pressure from import inflation, the rotation toward dollar-pegged tokens is less a trade than a savings reflex.
Why dollar tokens, not Bitcoin, won this cycle
For most of the 2021 cycle, Latin American crypto adoption stories pointed at BTC and ETH. Argentine inflation hit triple digits, the Venezuelan bolivar collapsed again, and the Mexican peso swung on US trade headlines. The instinct from outside the region was that retail would buy BTC as a hedge.
Bitso's data tells a different story. When users in Argentina, Brazil, and Mexico want protection from local currency moves, they buy a token pegged to the dollar, not a volatile asset that could drop 30% in a quarter. Tether's USDT remains the dominant choice for retail, while USDC has gained share among users routing remittances and payroll. The 40% stablecoin share captures that preference directly.
What 40% looks like inside Bitso's flows
Bitso has roughly 9 million users across LatAm and processes a meaningful slice of the region's crypto-fiat conversion volume. A 40% stablecoin share on purchase mix means that of every ten units of value users buy on the platform, four go straight into a dollar-equivalent token rather than BTC, ETH, or local altcoin pairs.
The mix shift has business consequences. Stablecoin trades carry tighter spreads than BTC pairs, which compresses revenue per dollar of volume. Bitso has offset that by leaning into stablecoin payment rails, cross-border B2B settlements, and partnerships with local fintechs that route payroll and remittances through USDC. The exchange has previously disclosed billions in annual stablecoin remittance flow between the US and Mexico.
Regulatory crosswind from Brasilia
The data lands at an awkward moment for regional regulators. Just last week Brazil's central bank moved to bar digital assets from some cross-border payment rails, a rule that directly targets the stablecoin remittance use case Bitso has been building. If 40% of regional retail demand sits in stablecoins, restricting their movement across borders does not eliminate the demand. It pushes flow into less regulated venues or peer-to-peer channels.
Mexico has taken a softer line, allowing stablecoin settlement under existing fintech rules. Argentina, depending on which administration is talking, swings between welcoming dollar-pegged tokens as a pressure release and threatening to clamp down on parallel exchange rates. The rules are still being written. The flows are not waiting.
Implication for crypto card issuers
Card programs serving the region have already adjusted. Vendors with strong LatAm distribution typically lead with USDC or USDT funding, not BTC. Argentine users in particular treat a stablecoin-funded card as a mechanism to spend dollars they technically cannot legally hold in a domestic bank account. The Bitso report puts a number on that behavior at 40% of purchase mix.
For issuers weighing where to expand, the data argues for stablecoin-first card flows in the region rather than the BTC-rewards model that works in the US. Cashback paid in BTC has limited appeal when the user's underlying problem is wage erosion in pesos, not portfolio construction.
Overview
Bitso reported that stablecoins captured 40% of crypto purchases across its Latin American user base, the highest share on record. The data confirms a pattern operators have been reading for two years: in regions with chronic currency stress, dollar-pegged tokens function as digital savings, and Bitcoin remains a secondary holding rather than the primary hedge. The shift carries margin pressure for exchanges, regulatory friction in Brazil, and a clear signal for any card issuer planning regional rollout.
