Crypto adoption and stablecoin use is on the rise in LATAM, a new study has found, with almost half of Mexican startups stating they want permission to use crypto as part of their business operations.
The findings were published in a report by Finnosummit. The study was compiled in conjunction with Mastercard and the Galileo payment platform, and was reported on by the media outlet Mundo Startups.
Mexican Startups: Growing Crypto-keen
Forty-six percent of the smaller companies the survey compilers spoke to said Mexico “needs to officially incorporate cryptocurrencies” into “the Mexican economy.”
The Mexican National Palace. (Source: Dirk Ingo Franke [CC BY-SA 4.0])
The report’s authors also noted a rise in the number of crypto firms active in the country. They wrote that 29 crypto firms are now operating in Mexico, including several “domestic and foreign” projects.
They wrote that there was plenty of reason to be “optimistic” about the sector’s growth and “income for the coming years in Mexico.”
The authors added that the number of Mexico-based fintech firms “that use crypto-related technology” rose from 6% in 2023 to 10% in 2024.
They explained the rise in adoption by noting that more fintech firms were using crypto to power payments and remittances.
This, in turn, is down to an increase in the use of “crypto payment methods” in the business world and stablecoin adoption.
Time to ‘Streamline Crypto Regulation’ – Startups
The firms claimed that a system of “crypto licenses” was now “essential” for firms that want to use crypto in their business models.
The crypto-keen startups also said they wanted the government to roll out improved crypto tax rules. They also want “simplified” tax models before they foray into the crypto sector.
They further indicated that they wanted Mexican regulators to “harmonize” their policing of the sector “with international standards.”
The report further forecasted that growth in the crypto sector would hit 76% by 2027.
Stablecoin Solutions
There was further evidence that Mexican firms are growing keener than ever on stablecoins.
The authors noted that 61% of the Mexican firms that told them they deal with fia-pegged coins “use them or plan to develop stablecoin-powered products for real-time peer-to-peer remittances.”
The market cap of the stablecoin USDT over the past three months. (Source: CoinGecko)
Many firms also said they wanted to use stablecoins in “cross-border trade solutions” for small and medium-sized enterprises.
Others said they were working on tokenization solutions for “physical assets.” The authors added:
“The […] crypto sector lead[s] in terms of optimism in revenue growth [in the immediate future]. This is driven by an increase in transaction volumes and a rise in adoption […]”
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