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Ola pessoal!
Today’s episode is with Justin Norman, founder of The Flip, to discuss his recent on-the-ground research into stablecoin adoption across Latin America. Justin has spent years documenting technology adoption in emerging markets, and his latest YouTube documentary series provides rare, unfiltered insights into how stablecoins are actually being used in the region.
The Argentina Paradox
Justin’s investigation in Argentina revealed a fascinating disconnect. Despite $90 billion in stablecoin transaction volumes, visible retail adoption remains minimal. You won’t find prices listed in USDT or widespread merchant acceptance.
So where are these volumes coming from? The answer lies in understanding stablecoins’ true utility in Argentina’s distorted economy. They primarily serve as store-of-value instruments and facilitate cross-border trade, rather than functioning as everyday payment methods. This reflects the reality of Argentina’s parallel exchange markets and chronic dollar shortages - conditions that create natural demand for dollar-denominated digital assets.
Be sure to catch Justin’s brilliant documentary exploring stablecoins in Argentina below👇
Beyond the Hype
Justin’s work cuts through the prevailing narratives around stablecoin adoption. While North American and European institutions focus on shaving basis points and improving settlement times, emerging markets face fundamentally different problems: currency devaluation, capital controls, and inadequate access to global financial infrastructure.
The adoption pattern Justin documented isn’t limited to Argentina. He found striking similarities between Latin American markets like Bolivia and African markets like Nigeria—countries facing comparable macro pressures including fuel subsidy issues, dollar shortages, and import-dependent economies.
Infrastructure Matters
One key differentiator Justin identified: Latin America’s relatively robust payment infrastructure creates better conditions for stablecoin on-ramps and off-ramps compared to many African markets. The ability to scan a QR code and instantly convert stablecoins to local currency requires strong local payment rails—infrastructure that exists in varying degrees across emerging markets.
Key Takeaways:
Real use cases differ from expectations: Stablecoins in Latin America primarily serve store-of-value and cross-border trade functions, not retail payments
Context is everything: Understanding macro conditions (dollar shortages, parallel markets, currency controls) is essential to understanding adoption patterns
Infrastructure enables adoption: Strong local payment systems make stablecoin conversion seamless, creating better user experiences
Emerging markets share common drivers: Similar economic pressures across Latin America and Africa create comparable crypto adoption patterns, though at different stages
Justin’s documentary series represents essential viewing for anyone seeking to understand genuine stablecoin adoption beyond the hype cycle.
You can connect with Justin on Linkedin.
Have a great week everyone,
-AWS
Brazil Crypto Report is presented by
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