Latin America’s exchange flows grew ninefold in three years: Dune

Latin America’s (LATAM) centralized crypto exchanges person grown from niche platforms into captious fiscal infrastructure successful conscionable 3 years, with flows rising ninefold, according to caller research.

Dune Research’s LATAM Report revealed that 2021 yearly speech flows successful the portion totalled $3 billion. In 2024, the full speech flows for LATAM reached $27 billion, up by 800% successful conscionable 3 years, signaling integer plus maturation successful the region. 

In its aboriginal years, LATAM crypto enactment was humble by planetary standards. However, a fragmented ecosystem of tiny brokers and over-the-counter (OTC) desks grew into larger, integrated exchanges serving retail and organization clients. 

According to Dune Analytics, flows from aboriginal 2021 to mid-2025 done LATAM-based centralized speech platforms showed a wide arc of “growth maturity and consolidation.” 

Centralized crypto speech flows successful Latin America. Source: Dune

Bitso remains the astir ascendant LATAM speech by flows

Since 2021, crypto speech Bitso has dominated the Latin American market. At the time, the speech processed implicit $2 cardinal successful flows, implicit 66% of each the flows successful the region. 

In 2024, the speech processed implicit $25.2 cardinal successful flows, a 1,160% maturation successful 3 years. Its stock of speech flows grew to 93% during the aforesaid clip period. 

Aside from Bitso, players similar Mercado Bitcoin and Lemon Cash besides saw accrued speech flows. The Dune study besides highlighted that the travel summation happened without a sustained bull run. 

“Crucially, this maturation came without a sustained bull market, reflecting a displacement toward real-world inferior specified arsenic cross-border commerce, remittance settlements, and currency hedging,” Dune said. 

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Ethereum accounted for implicit $45.5 cardinal successful wide flows since 2021

The study besides revealed that Ethereum-based transfers dominated the market. From January 2021 to July 2025, web transfers person reached implicit $45.5 billion. This magnitude is astir 75% of each recorded flows passim the period. 

The study said that Tron ranked 2nd successful presumption of transfers, with implicit $12.5 billion. The study said this was mostly driven by low-cost Tether (USDT) transfers successful the network.

As of Tuesday, Tron holds the largest magnitude of USDT, with $81.8 cardinal successful tokens circulating connected the network, according to Tether. Ethereum follows with $80.3 billion. 

Solana ranks 3rd successful LATAM with $1.45 cardinal successful full flows, portion Polygon follows with $1.17 billion. 

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