Catenaa, Sunday, November 02, 2025- Argentines exchanged pesos for US dollar stablecoins over the weekend as President Javier Milei’s midterm election victory approached, driving record crypto trading volumes.
LATAM crypto platforms reported unprecedented activity, with stablecoin issuer Agora estimating $13.4 million in USD-ARS trading on Sunday. Lemon, a local app, saw its highest single-hour trading volume ever at 9 p.m. local time, coinciding with the election results announcement.
The Argentine peso, historically volatile, hit a record low of 1,491.50 per US dollar on Friday. Citizens sought stablecoins to hedge against potential losses amid Milei’s divisive economic policies and declining approval ratings tied to corruption scandals, including the LIBRA meme coin controversy.
Market participants noted that the “crypto dollar”, the stablecoin-based exchange rate, operates continuously, unlike official bank rates or the informal “blue dollar” market, making it a real-time indicator of economic sentiment during elections.
Lemon reported that the crypto dollar fell to 1,572.50 ARS per dollar on Sunday afternoon before rebounding to 1,350 ARS by Monday morning as Milei’s victory became clear.
Experts described the surge in stablecoin use as both a financial hedge and a reflection of voter expectations. Citizens adjusted holdings dynamically, converting pesos to crypto and back, depending on developments in the vote count.
Analysts said the trend highlights how cryptocurrencies are increasingly used as a practical tool for navigating Argentina’s unstable currency environment.
