After the resignation of Argentine Economy Minister Martin Guzmán, the public turned to stablecoins.
Fighting high inflation, Argentina’s economy minister, Martin Guzmán, resigned on Saturday. According to a report by Coindesk, after the resignation, the public turned to stablecoins. Argentines bought two to three times as many stablecoins in the weekend of the resignation, according to data from crypto-asset trading platforms in the country.
The Argentine peso fell 15% after the resignation. On domestic crypto platforms, DAI and USDT rose from 245 ARS (Argentine pesos) to as high as 280 ARS. With the appointment of Silvina Batakis as the new economy minister on Sunday, it saw 303 ARS.
Domestic crypto platforms stated that citizens followed such a path to protect themselves from the devaluation of the Argentine peso.
The country’s inflation in May was announced as 60%.
