Wu Shuo learned that the stablecoin payment infrastructure company Rain released a report stating that from 2022 to 2025, crypto trading volume in Latin America was approximately $1.5 trillion, with US dollar–pegged stablecoins accounting for the majority of fund flows. As of early 2025, about 57.7 million people in Latin America were holding digital currencies, representing roughly 12% of the region’s total population. Rain said that stablecoin adoption in Latin America is driven by real financial needs—such as local currency depreciation, difficulty obtaining US dollars, high cross-border payment fees, and insufficient coverage of banking services—rather than purely speculative activity. The report also said that stablecoins in Brazil account for about 90% of the country’s crypto trading volume, and in Colombia, 99% of the funds used to purchase crypto assets on centralized exchanges with the local currency flow directly into stablecoins.