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Rodrigo Coelho, Chief Executive Officer at Edge & Node, said that people in Argentina have turned to stablecoins and crypto-based tools to survive hyperinflation and protect their earnings. This statement was made during a podcast recording on March 25.
"They would get paid in stablecoins because their local currency was just inflating an insane amount," said Coelho. "One month to the next, the price of a bottle of water would be way higher. People would literally pay for things with bags of money cashed out from crypto. They couldn't hold the Argentine peso—they kept their funds in USDC or used crypto Visa cards."
Argentina has been grappling with severe inflationary pressures for decades, leading to a series of economic crises. According to Reuters, the country's annual inflation rate ended 2023 at 211.4%, the highest since the early 1990s. This hyperinflation has eroded the purchasing power of the Argentine peso, prompting citizens to seek alternative means to preserve their wealth.
