Vibrant, a stellar-based wallet supporting USDC, witnessed a 282% increase in user activity on the platform amid inflation spikes in Argentina. The wallet allows users to easily send, receive, and swap assets with zero fee deductions across Argentina and the U.S.
Vibrant Wallet Grows Amid High Inflation in Argentina
Stellar Development Foundation (SDF), a non-profit and unbiased organization, manages growth and development on the Stellar network. According to a report by SDF, Vibrant Wallet observed an immense increase in user activity from Q2 2023 to Q2 2024.
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During this period, the assets incoming, outgoing, and swaps within the wallet increased by 186%, which reveals users’ unwavering commitment to Vibrant’s digital ecosystem. The primary reason for such tremendous growth is high inflation rates affecting traditional payments in multiple countries, especially Latin America.
Economic uncertainty in Argentina has led residents to endorse an innovative blockchain infrastructure. Similarly, Vibrant saw the largest inflow of users last year due to the state’s presidential election. Notably, 93 % of Vibrant’s users belong to Argentine regions. Following Argentina, other countries, including Colombia, Nicaragua, Mexico, and Paraguay, have also shown interest in crypto adoption.
The General Manager of Vibrant, Min Lin, reported that Vibrant was created to safeguard users’ hard-earned money by easily converting it to digital dollars. He added that Vibrant’s mission is to harness the power of blockchain technology to provide accurate and tangible solutions in Argentinians’ daily lives.
Talking about the recent milestone, Min Lin stated:
By leveraging the stability of USDC, we aim to offer a reliable alternative that protects savings and empowers individuals to navigate these uncertain times with confidence. Our commitment is to ensure that everyone has access to financial tools that are both innovative and dependable, helping to improve daily life and economic stability across Argentina.
Vibrant Wallet Facilitates Multiple Bank
According to Vibrant’s official website, the wallet offers multiple features for Argentine users, including local bank transfers and debit card facilities. It also supports payments from dozens of payment firms, including MoonPay, MoneyGram, and Latamex. Surprisingly, Vibrant is also building a library rich in tools to empower USDC on the Stellar network.
High inflation rates and bad economic conditions have laid the groundwork for Vibrant’s success and growth in the state. Its user-friendly operations help facilitate easy and secure funds transfers between traditional bank accounts and widely used local wallets. Moreover, Vibrant gave Argentine users direct access to cryptocurrencies, revolutionizing the crypto landscape in Argentina.
A Forbes report disclosed that Argentina has the highest rate of crypto adoption in Western Countries. Data provided by Similarweb, a crypto analytics firm, revealed that of 130 million visitors on the top 55 crypto exchanges, 2.5 million come from Argentina. It indicates Argentina’s significant interest in the crypto industry.
Recently, Argentina introduced a crypto tax bill targeting crypto users, imposing a 15% tax on capital gains. This bill was proposed to counter illicit activities, including money laundering and terrorist financing crimes in the state. In recent years, Argentina has seen increasing interest rates and declining GDP, which seemingly pushed Argentina to endorse digital assets.
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