Dollar-backed stablecoins are expanding the use of the U.S. dollar across Latin America as users seek protection from volatility in local currencies. Chainalysis estimates cryptocurrency transactions in the region totaled about $1.5 trillion from July 2022 through June 2025. At Bitso, dollar-linked stablecoins represented 40% of crypto purchases in 2025, more than twice Bitcoin's share, and exceeded half of purchases made with Argentine pesos, Colombian pesos and Brazilian reais from July 2024 through June 2025. The tokens are increasingly viewed as financial infrastructure that can provide an alternative to traditional banking, but their accessibility also makes it easier for users to move into Bitcoin, gold and other assets. That creates a potential longer-term channel for a debasement trade if confidence in the dollar weakens.