90% of Peru’s $28 Billion Crypto Market Is Now Driven by Stablecoins

According to Binance’s Latam North General Manager, Daniel Acosta, stablecoins now account for up to 90% of the $28 billion in annual volumes transacted in the Peruvian crypto market. Acosta stressed that the driving use cases for stablecoins in Peru were cross-border payments and remittances.

Stablecoins Dominate 90% of Peru’s Crypto Market

Stablecoins have become one of the top use cases for cryptocurrency, with a more pronounced use in regions facing difficulties accessing regular dollars and economic hardships.

Daniel Acosta, Latam North General Manager at Binance, recently commented about the relevance of these digital assets in the country, stressing that they were involved in the majority of the crypto transactions originating in Peru.

According to Criptonoticias, Acosta stated that the Peruvian cryptocurrency market has an annual volume of $28 billion, with 90% of these operations involving dollar-pegged stablecoins.

For Acosta, one of the driving forces behind this high level of adoption is the use of these as a dollar proxy for remittances and cross-border payments, as these benefit from the removal of middlemen, reducing costs and increasing the efficiency of these processes.

“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. We are not talking about speculation; we are talking about a real impact on people’s lives,” he assessed, reiterating the advantages of using stablecoins versus leveraging traditional alternatives.

The Peruvian cryptocurrency market has experienced a boom in recent years. Lemon, an Argentine crypto exchange with a presence in the country, found that in 2025, the country was among the top 6 cryptocurrency economies in the region, with bank-to-exchange transactions more than doubling. 80% of crypto purchases in Peru last year involved stablecoins, driven by their use to gain yield.

Acosta believes that cryptocurrencies will start to be considered an alternative to the traditional financial system, with institutions implementing them in some of their processes. In this way, users will not be able to detect whether they are using traditional rails or harnessing crypto or blockchain-based services.