LatAm stablecoin flows reach $1.5T as card use rises

Rain’s “State of Stablecoins in Latin America” report found the region processed nearly $1.5 trillion in stablecoin flows between 2022 and 2025. The company provides infrastructure for issuing stablecoin-backed payment cards.

The report says most of those flows were intermediated by stablecoins used as dollar proxies for cross-border and local payments. Rain links the volumes to persistent currency depreciation in countries such as Argentina and Venezuela, high costs for traditional remittances, and limited access to bank accounts in parts of the region.

Rain’s data shows users can cut cross-border settlement fees by as much as 92% when using stablecoins instead of conventional services. The report highlights rapid uptake of Rain’s card product: the number of Rain cardholders in Colombia rose 64-fold in 2025 compared with the start of the year, and spending with Rain cards in Bolivia increased more than six times in 2025.

The company identifies three primary uses for stablecoins in the region: as a store of value when local currencies lose purchasing power, as a low-cost channel for sending money across borders, and as an alternative finance option where traditional banking access is limited. Rain notes neobanks and fintechs are integrating stablecoin rails and card issuance to reach underserved customers in countries including Mexico and Colombia.

The report provides transaction-level and card-usage evidence to support its figures but does not provide a full country-by-country breakdown beyond the markets it names. Rain frames stablecoins as acting like market reserve assets in areas with strong dollar demand and low confidence in local currency.

The report reads: “The use cases that have taken hold across Latin America, and the infrastructure being built to support them, represent some of the clearest real-world examples of stablecoins meaningfully impacting how consumers and businesses operate financially.”

Rain states that demand for stablecoin infrastructure, including cards that allow spend-and-settle in dollar-linked tokens, will likely continue if currency instability, high remittance costs and gaps in banking access persist.