Last updated on August 25th, 2025 at 11:58 am
Latin America’s centralized cryptocurrency exchanges have rapidly evolved from niche platforms into critical financial infrastructure, with total flows surging ninefold in just three years, according to new research.
Dune Research’s latest LATAM report shows that annual exchange flows in the region climbed from $3 billion in 2021 to $27 billion in 2024—an 800% increase—highlighting the expanding role of digital assets across the region.
In its early stages, Latin American crypto activity was modest compared to global markets. The ecosystem was highly fragmented, composed mainly of small brokers and over-the-counter (OTC) desks. Over time, these smaller players have consolidated into larger, integrated exchanges catering to both retail and institutional clients.
Bitso, the region’s leading crypto exchange, has emerged as the dominant player. In 2021, Bitso processed more than $2 billion in flows, accounting for over 66% of total exchange activity. By 2024, the platform’s volume skyrocketed to $25.2 billion—a 1,160% increase—capturing 93% of the LATAM market. Other exchanges, including Mercado Bitcoin and Lemon Cash, also recorded notable growth in flows during the same period.
Notably, the surge in activity occurred without a prolonged bull market, signaling that Latin America’s crypto adoption is driven by practical applications such as cross-border payments, remittance settlements, and currency hedging, the report notes.
Ethereum continues to dominate network transfers in the region. From January 2021 to July 2025, Ethereum-based transactions totalled over $45.5 billion, representing roughly 75% of all recorded flows. Tron ranks second, with $12.5 billion in transfers, largely fueled by low-cost Tether (USDT) transactions.
As of Tuesday, Tron holds the largest circulating supply of USDT at $81.8 billion, slightly ahead of Ethereum’s $80.3 billion, according to Tether. Other networks in LATAM include Solana with $1.45 billion in flows and Polygon with $1.17 billion.
Meanwhile, according to Bitso’s latest Latin America Crypto Landscape report, Stablecoins, particularly Circle’s USDC and Tether’s USDT, are increasingly popular in Latin America as users seek protection from economic instability.
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