Cryptocurrency Remittances Spike 40% in Latin America
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Latin America is witnessing a surge in cryptocurrency-based remittances, with volumes jumping over 40% in 2024 according to a Chainalysis and AUSTRAC report. The trend, previously slow to gain traction, is now accelerating as stablecoins gain broader adoption.
Remittance corridors across the region are increasingly leveraging crypto rails for cross-border transfers. This growth signals a paradigm shift in how migrant workers send money home, bypassing traditional financial intermediaries.
The report highlights stablecoins'' pivotal role in this expansion. Their price stability and blockchain efficiency are solving long-standing pain points in remittance markets - high fees and slow settlement times that have plagued the industry for decades.
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