The volume of transactions processed through Latin American crypto exchanges grew ninefold between 2021 and 2024, reaching $27 billion, with over 90% of activity driven by USDT and USDC.
Cryptocurrencies in Latin America firmly established themselves as a financial tool for daily payments, remittances, and savings, according to data from analytics platform Dune. CEXs, payment apps, as well as global and local stablecoins play a key role in this process, ensuring integration with national economies.
In 2024, crypto transaction volume on local exchanges reached $27 billion, compared to $3 billion in 2021. The top three regional exchanges by annual transaction volume are:
- Bitso — $25.2 billion.
- Mercado Bitcoin — $915 million.
- Lemon Cash — $870 million.
The main payment infrastructure is based on the Ethereum blockchain, which accounted for about 75% of all transactions over the past four years, roughly $45.5 billion. Tron ranks second with $12.5 billion, largely driven by USDT transfers, while Solana and Polygon take third and fourth place with $1.5 billion and $1.17 billion, respectively.
Stablecoins became the foundation of the regional crypto economy. In July 2025, USDT and USDC made up more than 90% of all crypto transactions. In Brazil, real-pegged stablecoins surged, with transaction volume exceeding 5 billion reais (~$900 million), reflecting more than 660% annual growth. In Mexico, peso-backed stablecoins MXNB and MXNE rapidly gained traction, with July transactions totaling ~$34 million, compared to just ~$53,000 a year earlier.
On- and off-ramp infrastructure is also expanding. Platforms such as PayDece, ZKP2P, and Capa processed nearly $60 million, enabling direct integration of crypto with national payment systems, including Brazil’s Pix.
At the same time, neobank apps are developing:
- Picnic processes over 45,000 payments per week;
- Exa App facilitated more than $5 million in transactions via Visa cards;
- BlindPay reached $93 million in cumulative volume, cutting international transfer costs from 1.5% to 0.1% and reducing settlement times from three days to seconds.
Experts emphasize that Latin America became a prime example of mass crypto adoption, as digital assets address real-world needs for both users and businesses. However, the report notes that the region requires technological and regulatory hubs to scale these solutions and expand into global markets.
In spring 2025, Latin American countries saw a sharp rise in the use of digital payments. A year earlier, Mastercard analysts reported that around 43% of all remittances in the LATAM region were processed using cryptocurrencies.
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