It was stated that Chilean citizens have turned to stablecoins in order to protect themselves from the high inflation and Peso devaluation in the country.
In the report prepared by CoinDesk, it was stated that local crypto exchanges in the country have experienced a 50% increase in stablecoin transactions in the last three months.
Eduardo Pérez de Castro, the Chilean manager of a Latin America-based crypto exchange, told CoinDesk that the platform saw a 50% increase in purchases of Tether (USDT) and USD Coin (USDC), the most widely used stablecoins, in Q2 2022.
Chile's annual inflation rate hit 12.5% in June, the highest in 28 years.
