Bitwage CEO: Stablecoins Have Been a Lifesaver for Argentines

Jonathan Chester, CEO of Bitwage, has detailed how the company has been serving Argentine remote workers who prefer collecting payments from employers abroad in stablecoins. Chester stated that 70% of its customers in the country use stablecoins, reinforcing that these have helped Argentines increase their net salaries up to 50%.

Bitwage CEO Jonathan Chester: 70% of Argentine Customers Collect Salaries in Stablecoins

Another high-profile cryptocurrency company has pointed out the relevance of stablecoins for Argentina. Jonathan Chester, CEO of Bitwage, has highlighted the pivotal role that stablecoins, tokens pegged to the value of the digital dollar, play for Argentine remote workers.

Chester stated that of all the Argentine users who harnessed Bitwage’s services to collect their payments, 70% used stablecoins like USDT or USDC. In addition, volumes in the country have skyrocketed. He revealed that Argentina accounted for $100 million out of the $400 million processed by Bitwage during 2024, with a user growth of 400% during the last four years.

In an interview with Argentine media, Chester explained how Argentines use stablecoins to acquire dollars and protect their salaries in a high-inflation environment. He declared:

In Argentina, stablecoins have been a lifesaver, in some cases increasing net wages by up to 50%, as traditional exchanges can’t keep up with inflation.

Chester acknowledged that Argentines were attracted to remote work due to the opportunities of finding employment with higher remuneration paid in dollars, or in this case, dollar-pegged stablecoins. “Bitwage helps these workers collect their wages from clients in the U.S., EU, or the U.K. by sending them stablecoins directly to any wallet of their choice,” he stressed.

Several reports have confirmed that Argentina has become a stablecoin foothold in Latam. Juan Colombo, CEO of Bitso Argentina, confirmed that the nation led stablecoin purchases in the region last year with 60% of the purchasing volumes. In the same way, a February report by Lemon, a national exchange, disclosed that 80% of all the purchases routed through the exchange in 2023 corresponded to stablecoins.