Stablecoins Account for 36% of Mexico’s Crypto Buys in 1H25

Stablecoins accounted for 36% of cryptocurrency purchases in Mexico during the first half of 2025, below the Latin American average of 46%, according to Bitso’s “Crypto Landscape in Latin America” report.

This contrasts with Argentina, where dollar-backed stablecoins represented 85% of purchases, driven by economic instability and demand for digital dollars. Across Latin America, stablecoin use has grown from 30% of purchases in 2023 to 39% in 2024 and 46% this year. USDC, issued by Circle, and USDT, issued by Tether, were the most used.

In Mexico, USDC led cryptocurrency purchases with 25% of the total, followed by bitcoin at 19%, XRP at 15%, USDT at 11%, and ether at 6%. For holdings, bitcoin accounted for 55% of assets, XRP 13%, ether 10%, and stablecoins 6%. Bitso noted that stablecoins have gained relevance locally as a payment method and as a hedge against cryptocurrency volatility.

The report comes as the United States enacted the Genius Act, establishing a regulatory framework for cryptocurrencies, especially those linked to the dollar. The law limits issuance to authorized entities, including insured banks and regulated non-bank institutions, and requires full backing by US dollars or highly liquid assets such as Treasury bills or short-term repurchase agreements.

XRP remains a preferred cryptocurrency in Mexico due to its low cost and fast settlements, particularly for transfers and conversions with stablecoins. Mexico accounts for 15% of XRP purchases in the region, ahead of Brazil at 12%, Colombia at 9%, and Argentina at 3%.

The most traded cryptocurrency pairs in Mexico were bitcoin-to-peso at 17% of volume and XRP-to-peso at 11%, reflecting continued demand for both investment and remittances.

Bitso expects altcoins such as ether, Solana, and Avalanche to gain prominence in the second half of 2025, supported by developments in the Ethereum network and potential changes in US monetary policy. Increased trading in pairs combining cryptocurrencies with local currencies or between altcoins could signal a shift toward higher-volatility assets.