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Stablecoins have come under scrutiny in developed markets after the UST crash earlier this year, but Latin America could become a new growth platform for the stablecoin market.
Hubble Protocol co-founder Marius Ciubotariu believes Latin America can provide a new growth platform for stablecoins.his comment goes like this stablecoin Since the beginning of the year, we have faced increased scrutiny in developed markets.
Marius Ciubotariu told Coinjournal:
Cryptocurrencies in Latin America are alive and well. In fact, the region is poised to become the next largest growth market for stablecoins, and is larger than any market seen in the United States to date. America is currently facing unprecedented economic challenges, with record inflation threatening the survival of many citizens, many of whom rely on remittances from abroad. attracts high fees, especially for the unbanked masses, making it perfect for a decentralized stablecoin that directly addresses many of these challenges and is rapidly being adopted in Latin America. It’s causing a storm.”
Ciubotariu explained that rising inflation in Latin America is one of the reasons stablecoins thrive in the region.
He, Argentina inflation rate It is expected to increase from 71% in July 2022 to 78.5% in August and worsen in 2023. Venezuela is currently experiencing hyperinflation that appears to be easing, but has risen significantly compared to its Latin American neighbors.
Ciubotariu added that stablecoins could help curb rising inflation rates in Latin America.
Another reason for the expected growth of stablecoins in Latin America is the lack of access to financial services.
Ciubotariu explained that Mexico is the third largest remittance destination in the world, According to IDBIn 2021, Latin America and the Caribbean received $127.6 billion in remittances.
but, world bank data showed that over 60% of adults in Latin America do not have access to checks, credit or other forms of banking tools. Therefore, most people in the region have to deal with extremely high exchange rates and fees for OTC transfers.
Stablecoins solve this problem because the cost of transactions is very low. Ciubotariu said the above factors mean that Latin America now leads the world in adoption of cryptocurrencies and that cryptocurrencies are providing citizens across the region with a light at the end of the tunnel. rice field.
Unlike developed countries, stablecoins are seen as a safe and inflation-proof solution to local currencies in Latin America. He concluded:
While Western consumers remain skeptical of cryptocurrencies, inevitably, Latin American consumers are finding more and more everyday applications for this relatively new asset class. Currencies in general also look like stablecoins are booming in Latin America in a way we’ve never seen before, an exciting development that the Hubble Protocol is excited about, and the We are continuing to investigate.
Some experts in the developed world, including Perianne Boring, Founder and CEO of the Digital Chamber of Commerce, believe: Stablecoins pose no financial stability risk.
Stablecoins have come under scrutiny in developed markets after the UST crash earlier this year, but Latin America could become a new growth platform for the stablecoin market.
Hubble Protocol co-founder Marius Ciubotariu believes Latin America can provide a new growth platform for stablecoins.his comment goes like this stablecoin Since the beginning of the year, we have faced increased scrutiny in developed markets.
Marius Ciubotariu told Coinjournal:
Cryptocurrencies in Latin America are alive and well. In fact, the region is poised to become the next largest growth market for stablecoins, and is larger than any market seen in the United States to date. America is currently facing unprecedented economic challenges, with record inflation threatening the survival of many citizens, many of whom rely on remittances from abroad. attracts high fees, especially for the unbanked masses, making it perfect for a decentralized stablecoin that directly addresses many of these challenges and is rapidly being adopted in Latin America. It’s causing a storm.”
Ciubotariu explained that rising inflation in Latin America is one of the reasons stablecoins thrive in the region.
He, Argentina inflation rate It is expected to increase from 71% in July 2022 to 78.5% in August and worsen in 2023. Venezuela is currently experiencing hyperinflation that appears to be easing, but has risen significantly compared to its Latin American neighbors.
Ciubotariu added that stablecoins could help curb rising inflation rates in Latin America.
Another reason for the expected growth of stablecoins in Latin America is the lack of access to financial services.
Ciubotariu explained that Mexico is the third largest remittance destination in the world, According to IDBIn 2021, Latin America and the Caribbean received $127.6 billion in remittances.
but, world bank data showed that over 60% of adults in Latin America do not have access to checks, credit or other forms of banking tools. Therefore, most people in the region have to deal with extremely high exchange rates and fees for OTC transfers.
Stablecoins solve this problem because the cost of transactions is very low. Ciubotariu said the above factors mean that Latin America now leads the world in adoption of cryptocurrencies and that cryptocurrencies are providing citizens across the region with a light at the end of the tunnel. rice field.
Unlike developed countries, stablecoins are seen as a safe and inflation-proof solution to local currencies in Latin America. He concluded:
While Western consumers remain skeptical of cryptocurrencies, inevitably, Latin American consumers are finding more and more everyday applications for this relatively new asset class. Currencies in general also look like stablecoins are booming in Latin America in a way we’ve never seen before, an exciting development that the Hubble Protocol is excited about, and the We are continuing to investigate.
Some experts in the developed world, including Perianne Boring, Founder and CEO of the Digital Chamber of Commerce, believe: Stablecoins pose no financial stability risk.
Stablecoins have come under scrutiny in developed markets after the UST crash earlier this year, but Latin America could become a new growth platform for the stablecoin market.
Hubble Protocol co-founder Marius Ciubotariu believes Latin America can provide a new growth platform for stablecoins.his comment goes like this stablecoin Since the beginning of the year, we have faced increased scrutiny in developed markets.
Marius Ciubotariu told Coinjournal:
Cryptocurrencies in Latin America are alive and well. In fact, the region is poised to become the next largest growth market for stablecoins, and is larger than any market seen in the United States to date. America is currently facing unprecedented economic challenges, with record inflation threatening the survival of many citizens, many of whom rely on remittances from abroad. attracts high fees, especially for the unbanked masses, making it perfect for a decentralized stablecoin that directly addresses many of these challenges and is rapidly being adopted in Latin America. It’s causing a storm.”
Ciubotariu explained that rising inflation in Latin America is one of the reasons stablecoins thrive in the region.
He, Argentina inflation rate It is expected to increase from 71% in July 2022 to 78.5% in August and worsen in 2023. Venezuela is currently experiencing hyperinflation that appears to be easing, but has risen significantly compared to its Latin American neighbors.
Ciubotariu added that stablecoins could help curb rising inflation rates in Latin America.
Another reason for the expected growth of stablecoins in Latin America is the lack of access to financial services.
Ciubotariu explained that Mexico is the third largest remittance destination in the world, According to IDBIn 2021, Latin America and the Caribbean received $127.6 billion in remittances.
but, world bank data showed that over 60% of adults in Latin America do not have access to checks, credit or other forms of banking tools. Therefore, most people in the region have to deal with extremely high exchange rates and fees for OTC transfers.
Stablecoins solve this problem because the cost of transactions is very low. Ciubotariu said the above factors mean that Latin America now leads the world in adoption of cryptocurrencies and that cryptocurrencies are providing citizens across the region with a light at the end of the tunnel. rice field.
Unlike developed countries, stablecoins are seen as a safe and inflation-proof solution to local currencies in Latin America. He concluded:
While Western consumers remain skeptical of cryptocurrencies, inevitably, Latin American consumers are finding more and more everyday applications for this relatively new asset class. Currencies in general also look like stablecoins are booming in Latin America in a way we’ve never seen before, an exciting development that the Hubble Protocol is excited about, and the We are continuing to investigate.
Some experts in the developed world, including Perianne Boring, Founder and CEO of the Digital Chamber of Commerce, believe: Stablecoins pose no financial stability risk.
Stablecoins have come under scrutiny in developed markets after the UST crash earlier this year, but Latin America could become a new growth platform for the stablecoin market.
Hubble Protocol co-founder Marius Ciubotariu believes Latin America can provide a new growth platform for stablecoins.his comment goes like this stablecoin Since the beginning of the year, we have faced increased scrutiny in developed markets.
Marius Ciubotariu told Coinjournal:
Cryptocurrencies in Latin America are alive and well. In fact, the region is poised to become the next largest growth market for stablecoins, and is larger than any market seen in the United States to date. America is currently facing unprecedented economic challenges, with record inflation threatening the survival of many citizens, many of whom rely on remittances from abroad. attracts high fees, especially for the unbanked masses, making it perfect for a decentralized stablecoin that directly addresses many of these challenges and is rapidly being adopted in Latin America. It’s causing a storm.”
Ciubotariu explained that rising inflation in Latin America is one of the reasons stablecoins thrive in the region.
He, Argentina inflation rate It is expected to increase from 71% in July 2022 to 78.5% in August and worsen in 2023. Venezuela is currently experiencing hyperinflation that appears to be easing, but has risen significantly compared to its Latin American neighbors.
Ciubotariu added that stablecoins could help curb rising inflation rates in Latin America.
Another reason for the expected growth of stablecoins in Latin America is the lack of access to financial services.
Ciubotariu explained that Mexico is the third largest remittance destination in the world, According to IDBIn 2021, Latin America and the Caribbean received $127.6 billion in remittances.
but, world bank data showed that over 60% of adults in Latin America do not have access to checks, credit or other forms of banking tools. Therefore, most people in the region have to deal with extremely high exchange rates and fees for OTC transfers.
Stablecoins solve this problem because the cost of transactions is very low. Ciubotariu said the above factors mean that Latin America now leads the world in adoption of cryptocurrencies and that cryptocurrencies are providing citizens across the region with a light at the end of the tunnel. rice field.
Unlike developed countries, stablecoins are seen as a safe and inflation-proof solution to local currencies in Latin America. He concluded:
While Western consumers remain skeptical of cryptocurrencies, inevitably, Latin American consumers are finding more and more everyday applications for this relatively new asset class. Currencies in general also look like stablecoins are booming in Latin America in a way we’ve never seen before, an exciting development that the Hubble Protocol is excited about, and the We are continuing to investigate.
Some experts in the developed world, including Perianne Boring, Founder and CEO of the Digital Chamber of Commerce, believe: Stablecoins pose no financial stability risk.
