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Local stablecoins have become arguably the biggest trend in finance during 2025. USD stablecoins like USDC and USDT are unlocking global liquidity and making moving dollars around the world as easy as sending a message.

However, they alone are not enough, there is an essential piece of infrastructure missing. Local people and businesses operate in local currency. They pay salaries, taxes, suppliers, and everyday expenses in BRL, MXN, or COP, not USD. And relying only on USD stablecoins forces constant conversions, creates FX risk, and adds friction to basic financial routines. Local stablecoins fix this by bringing domestic money on-chain, making it programmable and instantly usable across payments, payroll, lending, settlements, and even on-chain FX.

This report looks at the rise of local stablecoins in Latin America, how big the market has become, where the volume is coming from, what institutions are doing, and why on-chain FX is turning into one of the most active use cases. It also highlights the gaps still holding the market back and the opportunities for new products that simply weren’t possible before native local currencies existed on-chain.