Stablecoins are now drawing the attention of people in Argentina after a top cabinet official resigned.
As a result of the departure of Argentina’s economy minister in the face of a continuing economic calamity, Argentines ramped up their purchases of stablecoins throughout the weekend as they normally do.
The cost of purchasing Tether’s stablecoin USDT using Argentine pesos increased significantly after the resignation of Economy Minister Martn Guzmán on Saturday.
The peso fell roughly 15 percent following the resignation, relative to the stablecoins DAI and tether on a number of the most prominent local trading platforms. Stablecoins are tethered to the US dollar, making them less susceptible to price volatility.