Stablecoins account for 90% of Peru’s $28B crypto market

Daniel Acosta, Binance’s Latam North general manager, provided figures showing stablecoins represent about 90% of the $28 billion in annual crypto volume transacted in Peru. He identified remittances and cross-border payments as the primary uses driving that share.

Acosta highlighted the cost difference for consumers, stating, ‘The average cost of sending remittances in Peru is 6.6%. With stablecoins, it drops to less than 0.5%. This represents annual savings of between $180 and $420 for a family.’

A regional exchange reported that Peru ranked among the top six cryptocurrency economies in the region in 2025. The same source said bank-to-exchange transactions more than doubled that year and that roughly 80% of crypto purchases in Peru last year involved stablecoins.

Industry participants describe stablecoins as a dollar proxy in a market where access to physical dollars can be limited. Users send a dollar-pegged stablecoin on a blockchain to a recipient, who can then convert it into local currency or keep it in a stablecoin wallet. That process removes some intermediaries used in traditional correspondent banking and can reduce settlement time and fees.

Acosta expects growing institutional interest in crypto tools and anticipates financial firms may begin to incorporate crypto-based processes into payments and transfers so end users cannot easily tell whether transactions used traditional banking rails or blockchain-enabled services.

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to an asset, most commonly the U.S. dollar. In Peru, the reported figures link stablecoin use to remittance savings, cross-border payments and user demand for dollar-denominated assets and yield opportunities.