Stablecoins Overtake Bitcoin In Mexican Crypto Purchases For First Time

Stablecoins Take the Lead in Mexico

Dollar-pegged stablecoins accounted for 36% of cryptocurrency purchases in Mexico during 2025, surpassing $BTC in purchase volume for the first time, according to Bitso's Crypto Landscape in Latin America 2025 report. Across the broader Latin America region, the figure was even higher: stablecoins reached 40% of all crypto purchases, with USDC alone accounting for 23% and USDT at 16%, while Bitcoin represented just 18%.

Despite losing ground in purchase activity, $BTC retains its status as the region's dominant portfolio asset. Bitcoin holdings moved only marginally, from 53% in 2024 to 52% in 2025, pointing to users who treat it as a long-term store of value rather than a transactional tool. As Bitso Mexico CEO Felipe Vallejo put it: "People are using crypto to access dollars, protect purchasing power, and connect to global financial systems."

The broader trend reflects what analysts call "digital dollarization," where blockchain-based dollar instruments fill gaps left by volatile local currencies and uneven access to traditional banking. Mexico continued to lead the region in stablecoin transaction volumes, increasing its share from 45% in the first half of 2024 to 47% in the first half of 2025, according to a separate Bitso Business report.

FinCEN Designations Added Pressure on Peso-Dollar Flows

The shift in Mexico accelerated against a difficult regulatory backdrop. On June 25, 2025, the US Treasury's Financial Crimes Enforcement Network (FinCEN) issued orders designating three Mexican financial institutions, CIBanco, Intercam, and Vector Casa de Bolsa, as primary money laundering concerns in connection with illicit opioid trafficking. The orders, the first ever issued under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, prohibited US financial institutions from processing fund transfers involving those banks.

The restrictions tightened access to conventional dollar trade finance channels for businesses and individuals operating through those institutions, reinforcing the appeal of stablecoin-based alternatives for cross-border payments and dollar exposure.

On the global stage, the stablecoin market has grown substantially. The Bank for International Settlements reported that stablecoins surpassed $230 billion in market capitalization in 2025, up from under $20 billion in 2020, with USDT and USDC jointly accounting for over 70% of all crypto trading activity worldwide.

Sources:
Bitso: Crypto Landscape in Latin America 2025
FinCEN: Treasury Issues Unprecedented Orders to Counter Fentanyl (June 25, 2025)
FF News: Bitso Business Stablecoins Landscape in Latin America Report