The Money Layer: LATAM Crypto 2025 Report Highlights Growing Role of Crypto Payments in Latin America
Buenos Ayres, Mar 3 2026 – A new data‑driven study released by Dune Analytics, titled The Money Layer: LATAM Crypto 2025 Report, offers the most comprehensive look to date at how digital assets are being used as everyday payment tools across Latin America. By focusing on on‑chain activity rather than speculative trading, the report maps out a multi‑layered ecosystem that is increasingly being treated as a parallel financial infrastructure.
Why the report matters
Latin America has long been a hotspot for crypto adoption, driven by chronic inflation, currency devaluation and limited access to traditional banking services. The latest analysis confirms that the region is moving beyond “buy‑and‑hold” behaviour toward utilising cryptocurrencies—particularly stablecoins—for everyday financial needs such as remittances, payroll, savings and retail purchases.
The research, compiled from public blockchain data and supplemented with direct input from regional projects, structures its findings around four pillars that together form the payment stack:
- Centralised Exchanges (CEXs)
- Stablecoins
- On‑ and off‑ramps
- Crypto‑native payment apps
These components are examined through Dune dashboards, providing verifiable metrics that can serve as a benchmark for builders, investors and regulators.
Key findings
| Pillar | Highlights (July 2025) |
|---|---|
| Exchanges | Annual on‑chain flow through LATAM‑focused exchanges has multiplied nine‑fold since 2021, reaching roughly $27 billion. Ethereum remains the dominant settlement chain (≈75 % of exchange volume), while Tron is favoured for low‑cost USDT transfers. |
| Stablecoins | USDT and USDC together account for >90 % of tracked exchange volume, up from around 60 % in 2022. Domestic stablecoins are gaining traction: BRL‑pegged tokens grew 660 % YoY, and MXN‑pegged variants surged more than 1,100‑fold in the same period. |
| On/Off‑ramps | Protocols such as PayDece, ZKP2P and infrastructure providers like Capa processed close to $60 million in bridge volume, widening multi‑chain access to local fiat ecosystems. |
| Payment apps | New “crypto‑native neobanks” – e.g., Picnic, Exa and BlindPay – now bundle stablecoin wallets, savings products and real‑world spending features, appealing to both banked and unbanked users, especially younger, mobile‑first demographics. |
Regional nuances
- Brazil leads in both the quantity of active local stablecoins and overall transaction volume, with BRL‑stablecoins already processing nearly $1 billion in USD‑equivalent value through July 2025.
- Mexico shows a dramatic rise in peso‑pegged stablecoins, reaching roughly $34 million in July 2025 after a modest $53 k a year earlier.
- Argentina and Venezuela continue to rely heavily on US‑denominated stablecoins as a hedge against soaring inflation, with stablecoins comprising over 70 % of crypto purchases in Argentina (2024 data).
Voices from the ecosystem
The report has drawn strong endorsements from a cross‑section of builders and analysts. Odisea’s founder described it as “groundbreaking for its breadth and depth,” while Crecimiento’s funding lead highlighted the data’s role in confirming crypto’s transition into “background infrastructure” for everyday finance. Representatives from the Ethereum Foundation, ETH Latam and the Brazil Crypto Report echoed similar sentiments, noting the relevance of the findings for upcoming events such as Devconnect 2025 and the DuneCon 2025 conference in Buenos Aires.
Implications for the market
- Infrastructure‑first mindset – The surge in exchange and stablecoin activity signals that reliable, low‑cost transaction pathways are now a prerequisite for scaling crypto payments in emerging markets.
- Regulatory attention – As stablecoins become integral to savings and payroll, policymakers will face increased pressure to provide clear frameworks that protect users while fostering innovation.
- Investment opportunities – The rapid growth of local stablecoins and on/off‑ramp protocols suggests fertile ground for capital allocation, particularly in liquidity provision and cross‑chain bridge solutions.
- Talent export – Analysts highlighted LATAM’s pool of technical talent as a potential catalyst for global crypto and AI ventures, provided a supportive regulatory environment is established.
Challenges ahead
Despite the positive momentum, the report flags several obstacles:
- Data gaps – On‑chain visibility remains limited for many projects, especially those without public dashboards. This hampers precise country‑level analysis.
- Regulatory fragmentation – Varying legal approaches across the region create uncertainty for cross‑border product roll‑outs.
- Liquidity in local stablecoins – While BRL‑ and MXN‑pegged tokens are expanding, deeper market depth is required to support larger institutional transactions.
Looking forward
The study positions 2025 as a pivotal year for Latin America’s crypto‑payment landscape. With the upcoming DuneCon 2025 slated for November 19 in Buenos Aires, stakeholders will have a dedicated forum to discuss scaling strategies, share best practices and address the regulatory hurdles that remain.
Takeaway
Latin America is no longer a peripheral market for speculative crypto trading; it is actively shaping a multi‑chain, stablecoin‑centric financial layer that addresses real economic pain points. By delivering robust on‑chain metrics, the Money Layer report furnishes the data foundation needed for the next phase of growth—turning crypto from a fringe investment into a core component of daily financial life across the region.
Source: https://dune.com/blog/latam-crypto-2025-report
