Chile follows Argentina in switching to stablecoins

According to a report by CoinDesk, Chilean citizens are investing their own funds in stablecoins, which is how Chileans hope to protect their savings from inflation that threatens the country’s economy.

As it became known, over the past three months, the number of transactions with stablecoins in Chile has increased by 50%. The most popular among users are Tether (USDT) and USD Coin (USDC). According to a government report, annual inflation in Chile has risen to 12.5%, the highest rate in 28 years.

It seems that the Chileans have decided to follow the example of the residents of Argentina, who have begun to seriously worry about the future of their savings, so they are massively investing in stablecoins. The growth of investments in USDT and DAI in the first days of July amounted to 300%. This happened against the backdrop of unprecedented inflation, which exceeded 60% in annualized terms. Interestingly, in order to stop the outflow of money from the country, the Central Bank of Argentina banned investors from buying US dollars. Residents of the country who have purchased bitcoin or altcoins in the last 90 days will not be able to access the Mercado Único y Libre de Cambio single exchange market and buy dollars at the official rate.