What’s Going On With Terra In South America

After some seemingly suggestive tweets from the Terra Twitter account, it’s raising questions as to what’s coming for UST in South America.

Covered:

  • Terra’s South America Tease
  • South American Exchanges Taking Action
  • Crypto Adoption In South America

Decentralized stablecoins like UST are becoming all the rage among layer-1 blockchains. With competitors like Near Protocol launching its own USN, or even Tron’s brand new USDD, it’s become clear that Terra is setting a stablecoin trend for blockchain protocols. Now that the team at Terra is nodding to South America, could we be seeing UST lead the charge of international stablecoin adoption soon?

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Terra’s South America Tease

These two tweets were dropped off by Terra yesterday:

Besides the interesting but potentially-coincidental word choice of “spicy” in the first tweet (did someone say Chile?), Terra’s blatant shoutout to LUNAtics in South America has the community wondering what the blockchain has up its sleeve next.

As the typical response goes in crypto in light of big news, it’s “probably nothing.” But it really could just be probably nothing, as Do Kwon looks to be doing some damage control in response to an excited LUNAtic’s speculation.

So it could just be nothing burger, but it seems rather timely considering the uptick in attention that crypto has been getting in South America.

South American Exchanges Taking Action

Lemon Cash, a major crypto exchange in countries across South America, which raised over $16 million last year to fund its international expansion, hosted some Twitter Space calls yesterday focused on Terra following the exchange’s recent launch in Argentina.

CoinDesk also dropped off an interesting interview yesterday with Lemon’s co-founder Borja Martel Stewart in which he explains the company’s role in Latin America’s crypto boom.

Additionally, Buenbit, one of the first Argentine crypto exchanges to offer stablecoins to its citizens, added Terra UST along with three other stablecoins to its platform last month, citing rapid growth of interest in the digital asset class.

“We start from the premise that a stablecoin like DAI, having parity with the dollar, would serve as a natural gateway to the crypto world, since historically Argentines have used the dollar as a form of savings and as a way to protect themselves from economic factors such as inflation and devaluation.

Today, we can say that we weren’t wrong.”

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Crypto Adoption In South America

A recent survey from Sherlock communications revealed some eye-popping data about the accelerating rate of crypto adoption in Latin America.

“The growing interest in Latin America comes at a time when most countries on the continent are seeing changes in cryptocurrency regulation and increasing interest from the population in adopting crypto. 

Across Brazil, over the next 12 months, a 91% increase in the number of Brazilians purchasing crypto has been projected, according to research commissioned by Sherlock Communications. Colombia ranks as the second-largest “crypto country” in Latin America, with a 208% increase in individuals expected to buy digital currency or tokens in the next year.

While Brazil has the highest overall adoption rates, the speed of the adoption rate is even faster in other parts of Latin America. For example, in Peru, a 1100% increase can be expected. Two other fast-growing markets are Mexico, which is expected to see a 345% increase in adoption and Argentina, with a 235% increase. Meanwhile, Chile can expect a 208% increase.”

It’s clear that over the past year, crypto adoption has been ramping up across the continent — El Salvador made history by adopting Bitcoin as legal tender, and numerous other countries have followed suit with their own forms of crypto integration.

It’s clear that Terra has something to say, but they’re understandably leaving the community grasping at straws. Whatever they say should probably come as no surprise though, as crypto adoption is picking up steam throughout the country. With the amount of growth we’ve witnessed in Terra’s UST over the past few months, it could just be one of the top stablecoins catching a bid from South America. Only time will tell…

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