State of Stablecoins in Argentina - September 2025

Argentina entered September with disinflation momentum: in August, CPI clocked just 1.9% CPI, a backdrop that’s reshaping how households and businesses think about “digital dollars.”

At the same time, crypto activity in Argentina skews heavily toward stablecoins: these tokens account for a 61.8% share of transaction volume locally—well above the global average—underscoring their role as the country’s de facto digital dollar.

This preference is also cultural and practical. As the FX regime evolves and traditional markets pause on weekends and holidays, the dólar cripto has become a round‑the‑clock reference rate for price discovery, making stablecoins a 24/7 lens on sentiment and a handy vehicle for moving value when timing matters.

Globally, stablecoins have never been larger, with aggregate capitalization hitting $251.7 billion in mid‑2025—context that helps explain liquidity depth, faster settlement, and why USDT/USDC rails increasingly underpin savings, payments, and cross‑border flows.

In this September update, we’ll map Argentina’s stablecoin landscape—adoption patterns, FX and liquidity dynamics, and 2025’s regulatory milestones—so you can navigate what’s changing and how to operate confidently.

Adoption and Market Structure: Stablecoins as Argentina’s Digital Dollars

Argentina’s crypto participation is broad-based: in the latest Global Crypto Adoption Index, the country ranked 20th worldwide, signaling mainstream usage rather than a niche phenomenon.

What people are actually buying are “digital dollars.” On Bitso, Argentines favored stablecoins by a wide margin—USDT and USDC together accounted for 50% and 22% of purchases—because they hold value in dollars and settle quickly. Culturally, the community treats the dólar cripto as a live dollar reference when other FX quotes are shut, reinforcing stablecoins’ role as the country’s on-demand dollar.

How users get in is shaped by a CEX-first market. By app activity, Binance and Lemon led retail sessions locally with 34.2% and 30% respectively, while regional platforms like Ripio, Bitso, Belo and others round out the map. The result: a multi-rail on-ramp where stablecoins are the default instrument for moving between pesos, dollars, and crypto balances.

Network choices also influence behavior. USDC’s issuer announced it would no longer mint USDC on Tron, while USDT liquidity on low-fee rails remains deep—one reason retail transfers often gravitate to USDT for speed and cost advantages.

For operators and users alike, this structure means stablecoins function as Argentina’s practical dollars: easy to on-ramp, widely tradable, and liquid enough to price risk in real time.

Key Takeaways:

• Adoption is mainstream: Argentina sits high on global usage rankings, with stablecoins at the core of everyday flows.
• Market structure is CEX-led: a handful of exchanges and local apps dominate on-ramps, with stablecoins as the primary instrument.
• Rails matter: liquidity and fees steer usage toward specific networks and assets, reinforcing stablecoins as Argentina’s digital dollar.

Macro and FX Context: From the cepo shift to the 24/7 dólar cripto

In mid‑September, Argentina’s central bank intervened aggressively in the new FX framework, selling $678 million in a single day to steady the peso as it tested the top of the trading band.

The policy architecture behind those moves took shape in April: a managed float with bands that the BCRA updates 1% monthly, paired with the unwinding of many individual FX restrictions and the removal of the “blend dollar.” That shift sits atop an IMF program designed to strengthen the monetary and FX regime, backed by US$20 billion in financing and a roadmap for greater flexibility.

In practice, bands and daily auctions reset the official market during business hours, but weekends and holidays still leave a pricing gap. That’s why the dólar cripto functions as a 24/7 “thermometer” for sentiment—stablecoin quotes provide a live reference when traditional FX is shut, guiding hedging and timing decisions.

The FX transition has, so far, been orderly, but episodes of stress still surface—hence discrete interventions at the top of the band. Meanwhile, on the user side, stablecoins remain the default hedge and payment rail.

Net‑net, the move from cepo to bands has tightened the link between on‑shore policy and off‑hours price discovery—making stablecoins the round‑the‑clock bridge between FX signals and real‑world decisions.

Key Takeaways:

• FX now runs on bands with targeted intervention: BCRA updates limits 1% monthly and can step in at the edges.
• Stablecoins fill the weekend gap: the dólar cripto is the go‑to 24/7 reference for sentiment and timing.

Regulation in 2025: CNV’s PSAV rules and BCRA constraints

Argentina’s new virtual‑asset service provider framework is entering its decisive phase: CNV has set the rule to be fully able to charged or levied by December 31st 2025, and providers that are not registered must abstain from operating in the country.

The rule (RG 1058/2025) clarifies who must register—domestic firms and foreign platforms that actively target Argentina—and what is excluded (e.g., self‑custody wallets or protocols without an identifiable provider). It also defines a small‑provider carve‑out for natural persons whose activity stays under UVA 35,000 per month. Critically, CNV stresses it supervises service providers, not “virtual assets” themselves, unless a token qualifies as a security under local law.

For operators, the practical sequence is straightforward: determine if your targeting triggers CNV registration (e.g., .ar domains, local marketing, ARS on/off‑ramp arrangements), complete the TAD filing, then align AML. Under UIF Resolution 49/2024, PSAVs must run a risk‑based program, designate an MLRO, and systematically report virtual‑asset operations at or above 6 SMVM, alongside travel‑rule obligations.

One perimeter hasn’t changed: within the payments system, the BCRA still restricts PSPs that offer accounts. Under Communication “A” 7759, PSPCPs face a PSP crypto ban on performing or facilitating crypto operations (including stablecoins) unless expressly authorized, which is why “buy stablecoin” buttons remain outside most local wallets; banks face a parallel constraint via earlier circulars.

The upshot is that 2025 closes with a clearer, registration‑led route to operate crypto services in Argentina—paired with AML obligations and a payments‑system perimeter that continues to keep crypto functionality off mainstream wallets.

Key Takeaways:

• CNV’s PSAV regime makes registration the gate to operate, with an exemption for limited natural‑person activity and a full enforcement date at year‑end.
• UIF 49/2024 adds risk‑based AML, designated compliance officers, travel‑rule alignment, and systematic reporting at defined thresholds.
• BCRA maintains the payments perimeter: PSPs and banks cannot facilitate crypto in‑app, keeping on/off‑ramps in PSAV channels rather than wallet buttons.

Use Cases and Compliance: Remittances, payroll rails, and tax regularization

For Argentina’s globalized workforce, paycheck preferences are clear: among crypto‑paid workers, 75% prefer to receive income in stablecoins—evidence that digital dollars are now a day‑to‑day tool, not a niche.

On inbound flows, practical rails have matured. Freelancers and families can receive U.S. funds and convert them to USDC through local apps; for example, Lemon lets users open a U.S. dollar account and convert incoming dollars to USDC with a 1.5% fee, giving a clear path from foreign income to spendable pesos. These features matter when timing and spread control are paramount, because they bridge U.S. payments to Argentina’s retail FX reality without waiting for bank hours.

Payroll is catching up to these behaviors. Merchants and platforms can now route customer payments and contractor disbursements on stablecoin rails; Shopify sellers, for instance, will be able to accept USDC across 34 countries, and the same stacks enable stablecoin payouts to independent workers. For Argentine talent serving global clients, this reduces friction on both sides: faster settlement in digital dollars for workers, and simpler multi‑country payment ops for companies.

Operating those rails requires alignment with Argentina’s 2025 compliance perimeter. The CNV’s stance is straightforward: providers that are not registered in the PSAV registry cannot operate locally, and PSAVs are sujetos obligados under AML rules with KYC, risk‑based controls and travel‑rule obligations spelled out in the UIF’s official guidance. For payment wallets under BCRA oversight, crypto functionality remains limited, which is why many on/off‑ramps sit with regulated PSAVs rather than embedded in general‑purpose wallets.

On taxes, the 2024–2025 asset regularization program offers a compliance window that many crypto users are evaluating: assets declared up to USD100,000 are exempt from the special tax in the initial franchise, with AFIP running a structured adhesion and filing schedule. For ongoing activity, ordinary rules apply (e.g., income tax on gains and VAT treatment of intermediation services), so companies and freelancers should coordinate accounting early.

In short, stablecoin rails now power Argentina’s remittances and cross‑border payrolls, with PSAV registration, AML controls, and clear tax options defining the safe way to implement them.

Key Takeaways:

• Stablecoins are practical income: Argentine crypto earners overwhelmingly choose digital dollars, and merchant stacks now accept USDC across borders.
• Rails are concrete: ACH/Wire into USDC and low, transparent conversion fees make stablecoins viable for remittances and contractor payouts.
• Compliance sets the lanes: PSAV registration plus AML/travel‑rule duties—and tax regularization options—enable trusted, scalable implementations.

Turn Argentina’s 24/7 dólar cripto into a payroll advantage

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If rising stablecoin adoption and year-end regulatory timelines are on your radar, this is the moment to standardize global payouts, reduce friction, and align operations with how your team already earns and saves. Move faster, cut costs, and keep your workforce happy with reliable, audit-ready payroll rails. Signup for Crypto Payroll today!