And how stablecoins are becoming the de facto medium for dollarization

Much has been written lately about the rapid growth of the stablecoin market. Several headline deals, including Stripe’s acquisition of Bridge, incumbents like Amazon, Walmart, and Bank of America planning to launch their own stablecoins, and of course USDC issuer Circle’s wildly successful IPO.

Much less has been written about the reality on the ground — what macro and micro trends are driving this growth and why it’s important. I wanted to put a spotlight on three different countries where dollar stablecoins are rapidly becoming the de facto tool for individuals and businesses who want and need to spend, send, receive and save money and generally become much better connected to the global economy and financial system.

Read on to learn more.

What Argentina, Nigeria, and Turkey Are Really Telling Us About the Future of Money

In an era where inflation is surging and economic trust appears to be waning, Argentina, Nigeria, and Turkey have become both cautionary tales and hopeful case studies for the future of money. What’s unfolding in these economies isn’t just a local crisis. It’s a global signal: when national currencies fail, citizens vote with their wallets.

From sidewalk currency exchanges in Buenos Aires to crypto wallets in Lagos and open air markets in Istanbul, individuals are bypassing traditional systems in search of money that is stable, liquid, digital, and global. That “something” is the U.S. dollar — and more specifically, internet-native dollars which we know more colloquially as “stablecoins.”

We believe what’s happening in these countries is a blueprint for how the world’s money is changing — and a call to action for platforms that can democratize access to stable, yield-bearing dollar products. Let’s explore why.

Argentina: A Nation That Has Already Opted Out

Argentina’s relationship with inflation is long and corrosive. In 2023, annual inflation topped 200%, and the Argentine peso has lost more than 90% of its value against the U.S. dollar over the past decade. In practice, the country has undergone a silent dollarization.

Today, over 50% of property transactions are conducted in USD. Many Argentines no longer save in pesos at all. From mattresses to safety deposit boxes to informal exchanges, the dollar is the store of value of choice.

Stablecoins and crypto have become an increasingly popular option which Argentinians turn to in search of better money. Approximately 5 million Argentines (out of ~46 million) actively use crypto. Over 60% of crypto transactions in Argentina from July 2023 to June 2024 involved USD stablecoins. This is clear evidence of a deep demand for digital dollars, even when those dollars must be held outside the formal banking system.

Nigeria: Capital Controls and Crypto Workarounds

Nigeria offers a different but equally compelling signal. The naira has fallen over 65% against the U.S. dollar since 2022. With inflation hovering near 34%, and strict FX controls in place, a black market for dollars has exploded. But unlike Argentina, where legacy banks still play a role, Nigerians are increasingly turning to digital tools like crypto and stablecoins.

Crypto adoption in Nigeria is among the highest in the world. According to Chainalysis, Nigeria ranks in the top 10 globally for crypto usage. Stablecoins like USDT and USDC are used for everything from remittances to cross-border trade to saving for a rainy day. Nigeria has become a global leader in stablecoin adoption, with almost 54 million crypto users and 26 million stablecoin users accounting for a penetration rate of almost 12% of the population. And this is after only a decade of stablecoins being in existence.

For many Nigerians, crypto is less about speculation and more about survival — an escape hatch from monetary dysfunction.

Turkey: A Middle-Income Crisis of Confidence

Turkey, a G20 economy with a modern banking system, might seem an unlikely candidate for monetary crisis. But since 2018, the Turkish lira has lost over 80% of its value against the dollar. Inflation remains persistently high, hovering near 65% as of 2024.

In response, Turkish citizens have shifted massive amounts of their savings into gold and foreign currency. Official estimates suggest Turkish residents hold over $100 billion in foreign currency deposits. Crypto and stablecoins are becoming an increasingly popular option for saving money and transacting. According to Chainalysis, Stablecoin purchases in Turkey amount to a eye-popping 4.3% of GDP, the highest among global economies. Over half of the people in Turkey now own crypto, with 50% of all crypto transaction volume in Turkey involving a USD stablecoin.

Here, too, the lesson is clear: when policy credibility falters, people seek safety in the dollar — regardless of their income level or banking status. And increasingly, those dollars are in the form of a stablecoin.

One Global Pattern: Grassroots Dollarization via Stablecoins

Across these three countries, the pattern is unmistakable:

• High inflation destroys trust in the local currency.

• Currency controls and policy instability limit access to global markets.

• Bad legacy banking systems cannot or will not provide an alternative

• Ordinary people seek refuge in the U.S. dollar — formally or informally, physically or digitally.

• And because USD stablecoins enable anyone with an internet connection to send, spend, receive, and save USD instantly and nearly for free — they are becoming the de facto medium for global dollarisationlkoik

The Rise of Digital Dollar Demand

Until recently, dollar access required a foreign bank account or physical cash. But the rise of stablecoins has changed everything. With over $250 billion in stablecoins in circulation as of today, digital dollars are now available to anyone with an internet connection.

These three case studies underline the fact that stablecoins are not just facilitating speculation in the crypto markets; they’re becoming powerful financial tools in places with broken monetary policy. But holding stablecoins is only the beginning. The next wave is about putting those dollars to work.

That’s where OpenTrade comes in.

OpenTrade: Powering Real-World Yield on Digital Dollars

OpenTrade is building the infrastructure for this new internet-native dollar economy — one that’s borderless, secure, and accessible through digital wallets, fintech apps, exchanges, and neobanks. Our platform powers yield-bearing dollar and euro products fully embedded in the wallets and apps users are increasingly using to manage their financial lives.

Here’s what OpenTrade has achieved so far:

• $200 million in processed volume in the past year.

• $50+ million in assets under management, growing at 20% month-over-month for 7 months in a row

• Embedded stablecoin yield infrastructure now powering fintech offerings across Latin America, Europe, APAC, and beyond.

Imagine:

• A Nigerian freelancer earning in naira, saving in USD, and earning real yield — all through a local mobile app.

• An Argentine neobank offering dollar accounts to individual savers that provides low-risk dollar yield — available in one click

• A Turkish fintech enabling corporate treasuries to save, transact, and invest dollars in real-time

Before OpenTrade and stablecoins, these were pipe dreams. Now they are rapidly becoming a reality.

Conclusion: A Global Dollar, Delivered Locally

Argentina, Nigeria, and Turkey aren’t anomalies — they’re early indicators. They show what happens when money fails — and what the future demands of it.

The dollar has already won the trust of billions. The next step is democratizing access to it, not through physical banks or offshore accounts, but through internet native rails that anyone with an internet connection can access, use, and build on — what we now call stablecoins. The future of money isn’t just digital. It’s dollar-based, lives and moves on public, decentralized networks, can become yield-generating with one click, and is accessible to all.

OpenTrade is building that future.