USDT prices have reportedly risen in Argentina as demand for US dollars rises in the Latin American nation.
Criptonoticias reported that the price of USDT rose above the 1,280 peso mark on July 8. At the time of writing, that would price USDT at USD 1.02, rather than USD 1.00. The firm said that between April 14, between 10 am and 11 am, stablecoin transactions grew by more than 350% hour-on-hour.
Experts and media analysts in the nation have credited much of the rise to the Argentine government’s announcement on April 13 that it would lift a much-maligned cap on USD buying.
The same crypto exchange said that stablecoin buying is a growing trend in Argentina. It announced that, in February this year, combined USD-pegged coin trading volumes were 2.5 times higher than the monthly average for 2024.
Fears of a peso devaluation remain high. And while the government has seemingly emerged victorious in its battle with hyperinflation, trust in the peso remains low.
The foreign exchange restrictions were first imposed back in 2019, when Buenos Aires attempted to address ballooning inflation rates and falling domestic investment rates.
