Centralized cryptocurrency exchange flows in Latin America have surged from $3 billion in 2021 to $27 billion in 2024, representing a ninefold (800%) increase in just three years, according to a comprehensive report from Dune Analytics. This explosive growth occurred without a sustained bull market, indicating a fundamental shift toward real-world utility rather than pure speculation.
Bitso emerged as the dominant regional exchange, processing over $2 billion (66% of regional flows) in 2021 and growing to $25.2 billion (93% market share) by 2024—a staggering 1,160% increase. Other players like Mercado Bitcoin and Lemon Cash also saw significant flow increases, signaling market maturation and consolidation.
Ethereum has been the backbone of LATAM's crypto infrastructure, accounting for over $45.5 billion (roughly 75%) of all recorded network transfers between January 2021 and July 2025. Tron ranked second with over $12.5 billion in transfers, largely driven by low-cost USDT transactions. Solana and Polygon followed with $1.45 billion and $1.17 billion in total flows, respectively.
Stablecoins now constitute over 90% of exchange activity as of July 2025, with Tether (USDT) and USD Coin (USDC) becoming financial lifelines in economies plagued by inflation and banking access issues. Local stablecoins saw explosive growth: Brazil's real-pegged tokens grew 660% year-on-year, while Mexico's peso-linked tokens surged an astonishing 110,000%.
The growth is driven by practical use cases including cross-border commerce, remittance settlements, currency hedging, salaries, and local payments. Infrastructure is rapidly evolving with new on-/off-ramp protocols like PayDece and ZKP2P processing nearly $60 million in transactions, while payment apps mature into crypto-native neobanks offering integrated financial services.
Industry leaders highlight LATAM as a blueprint for global adoption. "Crypto is becoming background infrastructure—the quiet engine powering real solutions," said Simón Puebla of Crecimiento. Aaron Stanley of Brazil Crypto Report called it a landmark moment: "Latin America is ground zero for crypto usage in 2025." With major events like DuneCon and Devconnect scheduled for Buenos Aires, the region remains a focal point for global builders.