The Latin American stablecoin payments ecosystem has emerged as one of the most dynamic and rapidly evolving digital finance markets globally.
From early 2025, Latin America now hosts 57.7 million cryptocurrency users with a 12.1% adoption rate, making it the fastest-growing crypto region with a 116% surge in adoption during 2024 alone. – RankingsLatAm
This comprehensive analysis examines the key players, infrastructure developments, and market dynamics shaping the region’s stablecoin landscape in 2025.
Key Takeaways
Stablecoin Dominance: USD stablecoins account for over 40% of all Latin American crypto trades, with stablecoin-to-fiat trading pairs constituting approximately 63% of the top 10 trading volumes in the region
Infrastructure Readiness: 100% of surveyed companies in Latin America are either live, piloting, or planning stablecoin payment strategies, with 92% reporting their wallet and API stack is ready
Cross-Border Focus: 71% of Latin American companies use stablecoins specifically for cross-border payments, the highest globally
Regulatory Progress: Major players like Circle and Visa are launching region-specific products, indicating regulatory clarity and market maturation
Introduction to the LatAm Stablecoin Revolution
Latin America’s embrace of stablecoins represents more than technological adoption, it’s an economic necessity. Cross-border payment needs, currency hedging against local depreciation, and enhancing financial inclusion for the unbanked population are the primary drivers.
The region’s young demographics, with nearly a quarter of the region’s 658 million residents under age 14, positions Latin America for sustained fintech growth.
Colombia’s digital payments market is experiencing a 23% compound annual growth rate through 2025, while Latin America’s digital payments market has already reached $0.3 trillion in 2025 with e-commerce sales expected to exceed $260 billion by 2028.
These growth trajectories highlight the enormous opportunity for stablecoin infrastructure to capture value in cross-border transactions, remittances, and domestic payments.
“LatAm being the region with highest adoption of stablecoins in the world, we thought it was essential to map out a first draft of what the market was looking like. As Utila, we are expanding quickly here, so we partnered with Chuk Okpalugo, Bitso Business, Juno, Minteo and BlindPay to get this initiative started. More versions and analyses are on the way,” explains James Ross Vázquez, Sales Director (LatAm) at Utila.
B2B Payments Infrastructure
Market Leaders
Bitso stands as the undisputed leader in Latin American cryptocurrency infrastructure.
Bitso, the largest crypto exchange in Latin America, now has ~9 million retail users, works with over 1,900 business clients, and its B2B arm has processed more than $12 billion USD in transactions, handling over 10% of U.S.‑to‑Mexico remittances yearly.
Bitso’s comprehensive approach includes Bitso Business, which offers cross-border payment solutions, and their recent launch of Juno, a subsidiary that issues and manages digital assets including stablecoins, starting with a fully-backed Mexican peso stablecoin (MXNB).
Traditional Payment Processors Embracing Crypto
Charter provides corporate payment solutions integrating traditional finance with stablecoin capabilities. MURAL has positioned itself as a next-generation business transaction platform, with Mural Pay helping organizations streamline complex payment flows while staying compliant with shifting regulatory requirements.
ASAP and Eluter represent the growing category of B2B payment processors specifically designed for the Web3 economy, offering enterprise payment infrastructure that bridges traditional business operations with blockchain-based settlements.
Emerging B2B Platforms
The ecosystem includes innovative platforms like Koywe specializing in cross-border B2B payments, KILL B offering business payment solutions, and TransFi enabling international B2B transfers.
Kravata focuses on corporate treasury management, while Zobio provides B2B payment automation and Privy delivers business payment infrastructure.
Enterprise-focused solutions include Riidian for enterprise payment rails, Shield offering security-focused B2B payments, LOULA serving the Latin American B2B market, Conduit providing payment infrastructure, and Actual enabling real-time B2B settlements.
Merchant Acceptance & Point-of-Sale
The merchant acceptance layer features payment gateways like KamiPay, Unergy, VKI, ANZI, and Bando, all focusing on making stablecoin payments accessible to merchants across Latin America. Nuvel specifically targets consumer-facing payment solutions.
Wallet Infrastructure & Consumer Platforms
Major Wallet Providers
Utila operates as a comprehensive multi-currency wallet platform, while institutional-grade solutions come from Fireblocks, a leader in providing enterprise-grade stablecoin infrastructure with 41% of surveyed companies citing speed and 34% citing compliance as non-negotiable requirements.
BitGo provides custody and wallet services, Dfns offers Wallet-as-a-Service solutions, and Dynamic delivers programmable wallet infrastructure. Consumer-focused platforms include Portal and Privy for user-friendly wallet interfaces.
On-Chain Banking & DeFi Integration
Digital Banking Revolution
The convergence of traditional banking and DeFi is exemplified by platforms like Caliza, Mono, DolarApp, Due, and Littio. These neobanks offer digital banking services with integrated cryptocurrency functionality.
DeFi infrastructure providers include Fern, GRAI, VIIO, Plenti, and Bloque. Emerging platforms like Takenos, Belo, Qbank, and Stables focus specifically on stablecoin-native banking solutions.
Exchanges & OTC Services
Regional Exchange Ecosystem
Beyond Bitso’s market leadership, the region features prominent exchanges like Lemon in Argentina, Ripio operating across multiple countries, OrionX in Chile, and MEXC providing international exchange services.
Lemon, with over three million users in the region, saw USDC holdings increase by 61% in the last 12 months, reflecting rising demand for digital dollars. The company operates across Argentina, Peru, and Brazil directly, while collaborating with partners in Mexico, Colombia, Uruguay, and Ecuador.
Regional players include Wenia, TruBit, KKR, Buqo, and Brasil Bitcoin. OTC and institutional services are provided by Foxbit, HKX, Bluebit, and Binance with its focused Latin American strategy.
Aggregation, Orchestration & Infrastructure
Payment Orchestration Leaders
Sphere provides payment routing and optimization, while Borderless.xyz handles cross-border payment orchestration. BlindPay offers privacy-focused payment routing, Lumx operates as a payment infrastructure layer, and Walapay provides payment aggregation services.
Cross-border infrastructure is managed by platforms like XFX, Rio, Checker, OpenFX, and NONCO. Technical infrastructure providers include Bridge, NVIO, Rhino.fi, Alfred, and Wallbit.
Liquidity and settlement services come from Avenia, Fonbnk, Trace Finance, Transfero, and Interacty. Technical services are provided by Manteca, Puntored, Capa, and Orex.
Card Issuers & Traditional Finance Bridge
Crypto Card Innovation
The card issuance sector features Rain offering crypto debit cards, Kulipa with payment card solutions, Blu providing digital card services, Pomelo operating as a card issuance platform, and Pay offering payment card infrastructure.
Alternative payment methods include Offramp for fiat offramp services, REAP for payment processing, and RedotPay providing card and payment solutions.
Major partnerships are emerging, including Visa’s announcement of a new product in six Latin American countries, including Mexico and Argentina, developed with Stripe-owned startup Bridge.
Bitso launched a debit card in Mexico in partnership with Mastercard, demonstrating how traditional payment networks are embracing stablecoin integration.
Payroll & Enterprise Services
Payroll automation is revolutionizing how companies manage international payments. Bitwage leads in crypto payroll services, while Sigma, HiGlobe, and Payoneer provide global payroll solutions with crypto integration.
Many Colombian finance leaders are adding stablecoin payroll integration to their tech stacks to bypass traditional correspondent banking delays, with businesses triggering batch stablecoin payouts that land in employees’ wallets or bank accounts within minutes.
P2P Payments & Remittances
The P2P payments sector includes Paxos providing stablecoin infrastructure, Felix, Anclap, TCR, and CINKO enabling peer-to-peer payments.
The US-to-Mexico corridor comprises the world’s largest remittance flows, topping $63 billion in 2023, up 7% since 2022 and accounting for up to 4% of Mexican GDP. Stablecoins are typically much more cost-effective than traditional remittances, which cost an average of 6.35% of face value.
Issuance & Stablecoin Infrastructure
Leading Stablecoin Issuers
Circle has made major inroads in Latin America. Circle now supports local bank transfers via PIX in Brazil and SPEI in Mexico, eliminating international wires and reducing access time from days to minutes.
In May 2024, Circle launched in Brazil through a partnership with Nubank, enabling near-instant, low-cost, and 24/7 access to USDC.
Juno represents regional innovation in stablecoin issuance, while Tether maintains significant market presence. Minteo provides stablecoin issuance platforms, Moneta Digital focuses on digital currency issuance, and BRAZA operates Brazil-focused stablecoin solutions.
Infrastructure providers include GRAL for regulatory compliance, Circle with its USDC ecosystem, Etherfuse for Ethereum-based infrastructure, Ripple providing cross-border infrastructure, and Mento offering stablecoin protocol solutions.
Regional Stablecoin Innovation
The race for Latin America’s stablecoin market has intensified, with Mercado Libre rolling out its commission-free dollar-backed stablecoin, the Meli Dolar, following Circle’s USDC launch via BTG Pactual and Nubank.
Argentina introduced the first all-local dollar-pegged stablecoin, the Criptodólar, launched by Ripio, while Mexico saw the launch of MXNe, the first Mexican peso-backed stablecoin operating on Solana and Stellar platforms.
Major Market Trends & Developments
Institutional Adoption Acceleration
Visa’s Bridge-backed stablecoin payments launch in Latin America represents a significant step toward making cryptocurrency part of mainstream commerce, with the offering developed alongside Stripe-owned startup Bridge.
The Stablecoin Conference 2025, taking place in Mexico City on August 27-28, 2025, will feature participation from Visa, Circle, Arbitrum, Solana, Bridge, Lightspark, ZeroHash, Mesh, BitGo, Aptos, and Portal.
Market Usage Patterns
Argentina’s stablecoin market leads the region with a 61.8% share of stablecoin transaction volume, above Brazil’s 59.8% and well above the global average of 44.7%.
When Argentina’s peso value fell below $0.004 in July 2023, monthly stablecoin trading value surged to over $1 million, and when it dropped below $0.002 in December 2023, stablecoin trading exceeded $10 million the following month.
Brazil has seen renewed institutional activity with a 48.4% increase in high-value transactions between Q4 2023 and Q1 2024, while stablecoins now account for approximately 70% of indirect flows from Brazil’s local exchanges to global exchanges.
Associations & Ecosystem Development
Industry Organizations
The ecosystem is supported by key industry associations including Camara Argentina Fintech, Camara Uruguaya Fintech, Digital Assets Hub, Colombia Fintech, and Latam Fintech.
Ecosystem support comes from Ab Crypto, industry media like This Week in Fintech, and FinTech MEXICOpromoting regional fintech development.
Regulatory Environment & Compliance
The regulatory landscape is evolving rapidly across the region. Bitso holds local financial licenses in Mexico, Brazil, and Argentina, and is licensed by the Gibraltar Financial Services Commission (GFSC) under its Distributed Ledger Technology Regulatory Framework.
In January, the Financial Superintendence of Colombia announced Bitso as one of the authorized companies in its Sandbox and crypto pilot program.
Experts expect regulatory scrutiny to increase as Latin America’s stablecoin market gains traction, with central banks potentially moving to restrict certain operations like currency exchanges.
However, the overall trend favors innovation, with 88% of North American firms seeing stablecoin regulation as a green light rather than a barrier.
Technology Infrastructure & Innovation
Blockchain Network Expansion
USDC is natively supported on 23 blockchain networks including Algorand, Aptos, Arbitrum, Avalanche, Base, Celo, Ethereum, Hedera, Linea, NEAR, Noble, OP Mainnet, Polkadot, Polygon PoS, Sei, Solana, Stellar, Sui, and XRP Ledger. This multi-chain approach enables Latin American businesses to choose optimal networks for their specific use cases.
Cross-Border Payment Innovation
Circle launched its USDC-backed Circle Payments Network (CPN) in May 2025, focusing initially on the Latin America-Asia corridor with plans to expand to Nigeria, the EU, and the UK by 2025. Early partners include Alfred Pay and Tazapay, facilitating USDC payment flows across regions.
Market Challenges & Opportunities
Infrastructure Limitations
While adoption is accelerating, challenges remain in user education, regulatory uncertainty in some jurisdictions, and the need for continued infrastructure development. Colombia’s AI framework, effective June 1, 2025, outlines 106 specific actions to enhance governance and risk management in the payments sector.
Growth Opportunities
The massive opportunity in financial inclusion cannot be overstated.
Over 51% of Latin American consumers have transacted with digital currencies, while 33% are using stablecoins. The region received $97B in remittances in 2019, with some countries seeing remittances comprise over 20% of national GDP.
Strategic Partnerships & Integrations
Traditional Finance Integration
Tribal Credit partnered with Bitso and the Stellar Development Foundation to create instant cross-border payment services between Mexico and the US, enabling companies in Mexico to send B2B payments in Pesos with recipients receiving payments in USD.
Nubank’s partnership with Circle enables users to access USDC as a store of value, transfer to other wallets, and increasingly use it in day-to-day financial activities.
Similarly, Chipper Cash, with over six million users, leverages USDC for efficient treasury management and cross-border settlement optimization.
Future Outlook & Market Projections
2026 Outlook
The convergence of regulatory clarity, technological maturity, and economic necessity continues to position Latin America as a global epicenter for stablecoin adoption in 2026.
In 2025, USDC circulation in the region surged by over 78% year-over-year, outpacing all other major stablecoins.
USDC is now accessible through more than 500 million wallet-integrated apps and products globally, powering cross-border payments, savings tools, and remittances at unprecedented scale.
2026 Prediction:
With increased dollarization, volatile local currencies, and rising merchant adoption, stablecoin usage in Latin America is projected to more than double by the end of 2026. USDC alone is expected to surpass $100 billion in annual transaction volume across Latin America, driven by B2B remittances, gig economy payouts, and retail usage through wallets like Nubank, Bitso, and Mercado Pago.
Strategic Implications
Stablecoins are poised to help the fast-evolving payments landscape reach its full potential, especially in emerging markets rapidly switching from cash to non-cash payments. The infrastructure investments being made today by companies across the ecosystem will determine market leadership as adoption scales.
Investment Landscape
Bitso’s $250 million Series C round at a $2.2 billion valuation from Tiger Global and Coatue, making it the most valuable crypto platform in Latin America, signals continued investor confidence in the region’s potential.
Conclusion
Latin America’s stablecoin payments landscape represents one of the most compelling growth stories in global fintech.
With regulatory frameworks evolving favorably, infrastructure reaching enterprise-grade maturity, and economic fundamentals driving adoption, the region stands at the forefront of the global stablecoin revolution.
The comprehensive ecosystem mapped above—from infrastructure providers and exchanges to payment processors and neobanks—demonstrates the depth and sophistication of Latin America’s digital finance transformation.
The convergence of cross-border trade needs, remittance flows, currency hedging requirements, and financial inclusion imperatives creates a perfect storm for stablecoin adoption.
Companies that position themselves strategically within this ecosystem today will capture disproportionate value as the market scales toward mainstream adoption.
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Frequently Asked Questions
Q: What makes Latin America particularly suited for stablecoin adoption?
A: Latin America’s combination of high remittance flows ($415 billion annually), currency volatility, young demographics (25% under 14), and limited traditional banking infrastructure creates ideal conditions for stablecoin adoption. The region leads globally with 71% of companies using stablecoins for cross-border payments.
Q: Which countries are leading stablecoin adoption in Latin America?
A: Argentina leads with $91.1 billion in crypto value received and 61.8% stablecoin transaction volume share, followed closely by Brazil at $90.3 billion. Mexico represents the largest remittance corridor ($63 billion annually from the US), while Colombia’s digital payments market is projected to reach $140 billion by 2032.
Q: How are traditional financial institutions integrating with stablecoin infrastructure?
A: Major players like Visa, Mastercard, and Circle are launching region-specific products. Circle now supports local bank transfers via PIX (Brazil) and SPEI (Mexico), while Visa announced stablecoin payment services in six Latin American countries. Bitso partners with Mastercard for debit cards, demonstrating traditional finance embracing crypto.
Q: What regulatory challenges and opportunities exist for stablecoin businesses?
A: The regulatory environment is generally favorable and evolving. Companies like Bitso hold licenses in multiple countries and from Gibraltar’s GFSC. Colombia has authorized companies in its crypto sandbox program, while 88% of North American firms view stablecoin regulation as supportive rather than restrictive.
Q: What are the primary use cases driving stablecoin adoption in the region?
A: Cross-border payments (71% of companies), remittances ($63 billion annually in US-Mexico corridor alone), currency hedging against local depreciation, B2B transactions, payroll automation, and financial inclusion for the unbanked population are the primary drivers of adoption across Latin America.