Token

This article was independently developed by The Economy editorial team and draws on original analysis published by East Asia Forum. The content has been substantially rewritten, expanded, and reframed to provide a broader context and greater relevance. All views expressed are solely those of the author and do not represent the official position of East Asia Forum or its contributors.

In Buenos Aires last year, merchants who once taped peso price lists to their windows replaced them with QR codes linked to tether wallets. By December, Argentines had moved the equivalent of US$91.1 billion through crypto rails, and 61.8% of that flow rode on dollar‑pegged stablecoins—an amount larger than the country’s merchandise trade surplus and more than double the central bank’s usable foreign‑currency reserves.