Stablecoin story: Bitso

Stablecoin use cases

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• Digital dollar holdings: Users can deposit and send dollars using USDC (USD Coin) or USDP (Pax Dollar). Digital dollars can be converted in a 1:1 ratio without any fees. Digital dollars offer reduced volatility compared to other crypto assets, protection against inflation, and the capacity to carry out transactions without the intermediation of traditional or government banks. 
• Cross-border payments: Bitso offers seamless payments across borders using USDC and USDT. Payouts can take place 24 hours a day, in seconds. These payments can be for businesses or for peer-to-peer payments such as remittances. Bitso operates as payment rails for money transmitters, allowing them to speed up the remittance process without the need to pre-fund accounts across countries. With a single integration, businesses can expand to most major countries in Latin America.
• New regional stablecoins: Bitso allows people to access new regional stablecoins, including MXNB, pegged to the Mexican Peso, and will soon issue the brl1, pegged to the Brazilian Real. MXNB can be used for both local purchases as well as cross-border payments. Brl1 will facilitate transactions between local exchanges, allowing for purchases and sales without using fiat-based rails.

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Statistics

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• 8M+ retail users across Latin America and 1700+ institutional users
• Over 14M volume in USDT/MXN daily (https://coinranking.com/market/pzBNl9z0G+usdt-mxn-bitso)some text
  • 99.5% market share in Mexico (https://www.crypto-news-flash.com/bitso-leads-mexican-crypto-market-with-99-5-trading-dominance/)
• 30% purchases in 2023 were stablecoins (https://ffnews.com/newsarticle/cryptocurrency/bitso-reveals-data-on-regional-crypto-usage-with-its-first-crypto-landscape-in-latin-america/)
  • Argentina has highest adoption with 60% purchases as stablecoins and 26% of average portfolio
  • Colombia has 31% purchases as stablecoins and average portfolio is 17% stablecoins

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