Latin America Stablecoin Usage Increases to 50% of Visa and Mastercard Usage

Crypto News – Stablecoins are becoming more and more popular, and they are quickly entering the worldwide settlement market.

Latin America Stablecoin Usage Increases to 50% of Visa and Mastercard Usage

In line with the $14 trillion paid by Visa and Mastercard combined, the global settlement value of stablecoins has topped $7 trillion, according to a recent announcement by USDC stablecoin issuer Circle. According to Circle, the company behind the USDC stablecoin, blockchain technology is ready to support more economic activity worldwide, particularly in Latin America. Millions of companies and billions of people are anticipated to use regulated blockchain solutions for credit, payments, and savings as the financial services industry shifts toward blockchain technology.

Latin America Works on Stablecoin Adoption

Like North America’s influence on the original internet, Latin America is emerging as a major participant in the global adoption of financial technology and digital currency. The region’s growing significance is attributed to its sizable population of over 658 million and its strong developer base, which numbers close to one million.

The adoption of fintech in Latin America has been associated with a decrease in income disparity. Of the 30 million digital bank customers, 75% were previously unbanked or underbanked individuals and small and medium-sized businesses. Latin America is a prime candidate for further stablecoin adoption due to its robust regulatory environment and nearly doubled fintech platform count.