Bybit Taps Patricio Mesri To Lead LATAM Push Amid Soaring Crypto and Stablecoin
Key Takeaways
- Demand for stablecoins is fueling a crypto boom in Latin America.
- More than 90% of Colombian and Argentine pesos deposited to centralized exchanges are used to buy stablecoins.
- Argentina and Mexico will be top priorities for Bybit’s new LATAM CEO, Patricio Mesri.
In their push for global growth, crypto exchanges have traditionally prioritized high-value markets in Asia, Europe and North America.
However, with the rise of stablecoins’ turbocharging adoption in the region, Latin America (LATAM) looks increasingly attractive.
Exchanges pushing into the region include Bybit, which recently appointed Patricio Mesri as its first LATAM CEO.
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Latin Americans Turn to Exchanges for Stablecoins
Against the backdrop of currency volatility and persistent inflation in countries like Argentina and Colombia, stablecoins (mostly USDT) are increasingly used as a store of value and hedge against inflation.
Unlike in other regions, stablecoins account for a significant majority of Latin American crypto transactions. For instance, the president of Brazil’s central bank, Gabriel Galipolo, has claimed that stablecoin payments make up as much as 90% of the country’s crypto flows.
Another distinctive feature of the LATAM market is the gatekeeper role played by centralized exchanges (CEX). Research by Chainalysis found that 64% of the region’s crypto activity occurred on CEXs compared to just 49% in North America.
Moreover, evidence suggests Latin Americans are mostly turning to CEXs to buy stablecoins, which attract more than 90% of fiat deposits for Colombian and Argentine pesos, the Chainalysis report noted.
Global Crypto Exchanges Target LATAM
Because global exchanges were initially slow to accept Latin American currencies, local players like Brazil’s Mercado Bitcoin and Argentina’s SatoshiTango remain prominent.
However, major players have upped the ante as adoption has risen in the region.
Announcing Mesri’s appointment on Saturday, Oct. 25, Bybit said Mesri’s top priorities would include accelerating adoption in Argentina and Mexico, and expanding local initiatives in Colombia and Peru.
“We are seeing stablecoins and digital assets become part of daily life in Latin America, especially in places where inflation and international payments remain difficult,” Mesri said in a statement.
“I want Bybit to become the simplest way for anyone in the region to connect to the global crypto economy,” he added.
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