# Participant Map: Latin America

Updated: September 25, 2026

> Latin America is the region where stablecoins have become the main form of crypto flows: according to the Central Bank of Brazil, about 90% of flows are stablecoin-related, and in Argentina their share of volume exceeds 60%. Infrastructure is built around instant payment systems — Pix in Brazil and SPEI in Mexico — and the US–Mexico corridor, with record remittances of $64.7 billion in 2024. Brazil introduced authorisation of virtual asset service providers from February 2026 and brought international stablecoin transfers into its foreign exchange framework; Argentina made provider registration with the CNV mandatory; Mexico is debating a regime for peso stablecoins. Local coins (MXNB, BRZ, BRL1, wARS) are issued by exchanges and fintech companies, while global networks — Circle Payments Network, Bridge, Mastercard, dLocal — connect regional ramps.

## Brazil

Law 14.478/2022 placed virtual assets under the Central Bank of Brazil (BCB). BCB Resolutions 519, 520 and 521, published on November 10, 2025 and in force from February 2, 2026, created the virtual asset service provider (SPSAV) category in three modalities — intermediary, custodian and broker — with mandatory authorisation and a filing deadline for existing firms of October 30, 2026. Resolution 521 brought international transfers of virtual assets and the purchase, sale and exchange of stablecoins into the foreign exchange framework: a $100,000 per-transaction cap applies when the counterparty is not BCB-authorised, monthly reporting started on May 4, 2026, and transfers to self-custody wallets are allowed only domestically with identification of the wallet owner.

Pix sets the scale of the market: in January–May 2026 the system handled 36.3 billion transactions worth R$16 trillion (+26% year on year). BCB governor Gabriel Galípolo estimated in February 2025 that about 90% of crypto flows are stablecoin-related, mostly for purchases abroad; per Chainalysis, Brazil received $318.8 billion in on-chain value between July 2024 and June 2025. The Drex CBDC pilot has been halted: on November 10, 2025 the BCB switched off the Hyperledger Besu platform and announced new infrastructure with no guarantee of a blockchain. Local real-denominated stablecoins: BRZ (Transfero, since 2019), BRL1 (a consortium of Mercado Bitcoin, Bitso, Foxbit and Cainvest, debuted March 2025, backed by reais and government bonds), wBRL (Ripio); since August 2024 Mercado Pago has offered the dollar token Meli Dólar with Ripio as issuer. BTG Pactual launched BTG Dol via its Mynt platform in April 2023 — the first bank-issued dollar stablecoin; the product's current status is unconfirmed.

## Mexico

The 2018 Fintech Law defines financial technology institutions (ITFs) supervised by the CNBV; virtual asset operations by ITFs and banks are limited to those authorised by Banxico, which has not issued a general authorisation to banks. Bitso is authorised as an IFPE (electronic payment funds institution). A bill on peso-denominated "stable virtual assets", issuable only by IFPEs and banks with Banxico authorisation and 1:1 reserves, has been under discussion in 2025–2026 — as of September 2026 it is a proposal, not law. The US–Mexico corridor is the largest in the region: remittances to Mexico totalled $64.7 billion in 2024 and $61.8 billion in 2025, with $30.8 billion (+3.1%) in the first half of 2026. Chainalysis estimates cross-border stablecoin flows through Mexico at about $1.8 billion a month by June 2026. The local stablecoin MXNB is issued by Juno, a Bitso subsidiary, announced March 26, 2025, on Arbitrum, with mint and redeem APIs and SPEI ramps.

## Argentina and other markets

Argentina: CNV General Resolution 1058/2025 of March 14, 2025 made registration of virtual asset service providers (PSAVs) mandatory, with audited statements and a compliance officer; filings have been accepted since May 26, 2025. Per Chainalysis, stablecoins accounted for 61.8% of Argentine volume (July 2023 – June 2024) against 44.7% globally. The peso stablecoin wARS is issued by Ripio (attestation as of March 31, 2026: 973 million tokens); the dollar coin USDL (Paxos International) has been available via Ripio, Manteca and others since June 5, 2024. Chile: Fintech Law 21.521 has applied since February 2024, with crypto-assets regulated within seven listed services. Colombia: the SFC sandbox pilot ended in 2024, and the government prepared a digital assets bill in February 2026. El Salvador: the Bitcoin Law was amended on January 29, 2025 (mandatory acceptance removed); Tether obtained DASP and stablecoin issuer licences and announced a headquarters move in January 2025.

## Global networks in the region

Circle Payments Network lists dLocal and Transfero among its partners; Bridge (Stripe) and Visa launched stablecoin-funded card programmes on April 30, 2025 in Argentina, Colombia, Ecuador, Mexico, Peru and Chile with Lead Bank as issuer. On June 3, 2026 Mastercard began 24/7 stablecoin settlement with ARQ and Nuvei among the first adopters, starting in the US and Latin America. On April 21, 2026 dLocal introduced Stablecoin Full — collection, settlement and payouts in stablecoins across 44+ markets; in September 2025 EBANX announced stablecoin acceptance with USDC and USDT settlement. Hyundai's US–Mexico treasury pilot in USDT (July 13, 2026) ran through Axiym's settlement infrastructure.

## Providers

| Company | Type | Headquarters | Role and status as of September 2026 |
| --- | --- | --- | --- |
| Bitso Business / Juno | 3 (Juno — 2) | Mexico City | Bitso founded 2014, IFPE licence in Mexico; Juno issues MXNB on Arbitrum with mint and redeem APIs (March 2025); partners Ripple, BVNK, Félix, Koywe |
| VelaFi (ex-TruBit Business) | 3 | Mexico City / Dallas | Rebranded July 1, 2025; $20M Series B (January 2026), over $40M total; 500+ institutional clients; SPEI connectivity |
| Félix Pago | 3 | Miami | Founded 2020; WhatsApp remittances to 11 countries settled in USDC; over $8B processed; $200M Series C (September 2026) at about a $1.4B valuation |
| Caliza | 3 | São Paulo (US-incorporated) | API for dollar accounts and USDC↔Pix transfers; $8.5M (July 2024, Initialized) |
| Koywe | 3 | Santiago | Rails in Chile, Mexico, Argentina, Peru and Colombia; member of the Borderless.xyz network (May 2025) |
| Mural Pay | 1 | New York (offices in Denver, Bogotá) | B2B payouts and invoicing in stablecoins; US money transmitter licence; over $200M in annual volume |
| Manteca | 3 / 7 | Buenos Aires | CNV PSAV registration no. 21; exchange and payments API for businesses; USDL distribution since June 2024; 15 countries |
| Ripio | 2 / 7 | Buenos Aires | Founded 2013; PSAV no. 37; local stablecoins wARS, wBRL, wMXN, wCOP, wCLP; issuer of Meli Dólar for Mercado Pago in Brazil |
| Trace Finance | 7 / 4 | New York (Brazilian founders) | $32M Series A (June 2026, CoinFund); over $10B in volume; infrastructure for dLocal and other PSPs |
| Lumx | 7 | Brazil | $3.4M (October 2025, Indicator Capital, CMT Digital; investors include Bitso, Nomad); stablecoin APIs, ramps, virtual accounts |
| Transfero | 2 | Rio de Janeiro | Issuer of BRZ since 2019, also ARZ and CLZ; Circle Payments Network partner |
| Mercado Bitcoin | 3 / 8 | São Paulo | BCB payment institution; BRL1 consortium member; Series C with a $20M first close from Tether (July 2026) |
| BlindPay | 3 | San Francisco | YC W25; Pix, SPEI and PSE rails; $125M processed in 2025 through August |
| Checker | 4 | US | $8M (May 2026); API to the region's stablecoin liquidity; live with Braza Bank |
| Takenos | 3 | Argentina | $5M seed (October 2025, Variant, Lattice); freelancer payouts in Argentina and Bolivia; partners Bridge, Rain, Fireblocks; boundary case with a consumer focus |
| ARQ (ex-DolarApp) | 5 | Mexico City | $70M (March 2026, Sequoia, Founders Fund, Kaszek); 2M users; first adopter of Mastercard stablecoin settlement; consumer service |
| Airtm | 3 / 6 | US | FinCEN MSB; USDC as core currency; 190 countries, remittances to Venezuela |

## What to watch

- The October 30, 2026 SPSAV filing deadline at the Central Bank of Brazil and the first authorisations.
- The fate of Mexico's peso stablecoin bill and Banxico authorisations for banks.
- The rollout of Mastercard 24/7 settlement in the region and the expansion of Circle Payments Network in Latin America.
- The BCB's new infrastructure after the Drex shutdown and its link to Pix.
- Consolidation of regional ramps by global providers (Bridge, Ripple, dLocal).

## Sources

- [Conduit, overview of BCB Resolutions 519/520/521 (November 2025)](https://conduitpay.com/blog/crypto-regulation-news-brazil)
- [Bichara e Motta, on the regulation of virtual asset service providers in Brazil](https://www.bicharaemotta.com.br/banco-central-publica-regulamentacao-das-prestadoras-de-servicos-de-ativos-virtuais-no-brasil/)
- [Investing.com, on BCB governor Galípolo's statement on the stablecoin share (February 2025)](https://www.investing.com/news/economy-news/brazils-galipolo-sees-surge-in-crypto-use-says-90-of-flow-tied-to-stablecoins-3854686)
- [Chainalysis, Latin America crypto adoption (2025)](https://www.chainalysis.com/blog/latin-america-crypto-adoption-2025/)
- [Chainalysis, Latin America crypto adoption (2026)](https://www.chainalysis.com/blog/latin-america-crypto-adoption-2026/)
- [Chainalysis, Latin America crypto adoption (2024)](https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/)
- [BCB, Pix open data](https://dadosabertos.bcb.gov.br/dataset/pix)
- [Cooperativismo de Crédito, on the Drex platform shutdown (November 2025)](https://cooperativismodecredito.coop.br/2025/11/banco-central-desligara-plataforma-drex-e-diz-que-criara-nova-infraestrutura/)
- [BRL1, on the consortium stablecoin's debut (March 2025)](https://brl1.io/en/projects/brl1-debuts-on-the-market-and-increases-cryptoasset-liquidity)
- [LatamList, on the Meli Dólar launch with Ripio (August 2024)](https://latamlist.com/mercado-pago-launches-a-stablecoin-with-ripio-in-brazil/)
- [PR Newswire, on the BTG Dol launch (April 2023)](https://www.prnewswire.com/news-releases/btg-pactual-launches-btg-dol-the-worlds-first-dollar-backed-stablecoin-from-a-bank-301789477.html)
- [Legal Paradox, on stablecoin regulation in Mexico](https://www.legalparadox.com/insights/stablecoin-regulation-in-mexico-guide-for-foreign-issuers)
- [El Financiero, on remittances to Mexico in H1 2026 (Banxico data)](https://www.elfinanciero.com.mx/economia/2026/08/03/remesas-hacia-mexico-crecen-31-en-el-primer-semestre-del-ano/)
- [CoinDesk, on the launch of Juno and MXNB (March 2025)](https://www.coindesk.com/business/2025/03/26/crypto-exchange-bitso-launches-stablecoin-business-eyeing-latam-cross-border-payments)
- [Boletín Oficial, CNV General Resolution 1058/2025 (March 2025)](https://www.boletinoficial.gob.ar/detalleAviso/primera/322539/20250314)
- [CNV, register of virtual asset service providers](https://www.argentina.gob.ar/cnv/registro-de-proveedores-de-servicios-de-activos-virtuales)
- [Ripio, local stablecoins](https://www.ripio.com/en/cryptos/local-stablecoins)
- [Paxos, on USDL availability in Argentina (June 2024)](https://www.paxos.com/newsroom/from-paxos-international-lift-dollar-usdl-from-paxos-international-is-now-available-to-users-in-argentina-via-ripio-buenbit-manteca-and-plus-crypto)
- [CMF Chile, on Fintech Law 21.521](https://www.cmfchile.cl/portal/principal/623/w4-propertyvalue-48738.html)
- [Valora Analitik, on Colombia's digital assets bill (February 2026)](https://www.valoraanalitik.com/gobierno-tiene-listo-proyecto-de-ley-para-regular-activos-digitales-en-colombia/)
- [Tether, on its El Salvador licences (January 2025)](https://tether.io/news/tether-licensed-in-el-salvador-strengthening-focus-on-emerging-markets-and-innovation/)
- [Circle Payments Network, product page](https://www.circle.com/cpn)
- [Visa, on the Bridge partnership for stablecoin cards (April 2025)](https://investor.visa.com/news/news-details/2025/Visa-and-Bridge-Partner-to-Make-Stablecoins-Accessible-for-Everyday-Purchases/default.aspx)
- [CoinDesk, on Mastercard's 24/7 stablecoin settlement (June 2026)](https://www.coindesk.com/markets/2026/06/03/mastercard-expands-on-chain-settlement-in-bet-on-stablecoins-and-always-on-finance)
- [dLocal, on launching Stablecoin Full (April 2026)](https://www.dlocal.com/press-releases/dlocal-launches-the-most-seamless-stablecoin-integration-for-payments-in-emerging-markets/)
- [EBANX, on its Payments Summit announcements (September 2025)](https://business.ebanx.com/en/press-room/press-releases/ebanx-announcements-at-payments-summit-ai-stablecoin-and-payout-solutions-for-global-companies-in-emerging-markets-plus-philippines-expansion)
- [Cointelegraph, on Hyundai's USDT treasury pilot (July 2026)](https://cointelegraph.com/news/hyundai-completes-usdt-treasury-settlement-pilot-between-us-and-mexico)
- [Dallas Innovates, on VelaFi's round (January 2026)](https://dallasinnovates.com/dallas-and-mexico-city-based-velafi-raises-20m-series-b-to-boost-stablecoin-infrastructure/)
- [Latin Times, on Félix Pago's round (September 2026)](https://www.latintimes.com/felix-raises-200-million-turn-whatsapp-bank-millions-latino-immigrants-598919)
- [TechCrunch, on Caliza's round (July 2024)](https://techcrunch.com/2024/07/15/caliza-lands-8-5-million-to-bring-real-time-money-transfers-to-latin-america-using-usdc/)
- [PR Newswire, on Koywe joining the Borderless.xyz network (May 2025)](https://www.prnewswire.com/news-releases/koywe-joins-the-borderlessxyz-network-expanding-stablecoin-liquidity-across-latin-america-302468576.html)
- [Manteca, official site](https://www.manteca.dev/)
- [Trace Finance, on its Series A (June 2026)](https://www.tracefinance.com/series-a)
- [Lumx, on its $3.4M round (October 2025)](https://lumx.io/blog-posts/lumx-raises-3-4-million-to-accelerate-stablecoin-and-digital-payment-infrastructure-in-latin-america)
- [Transfero, BRZ page](https://transfero.com/brz-stablecoin)
- [LatamList, on Mercado Bitcoin's round with Tether (July 2026)](https://latamlist.com/mercado-bitcoin-raises-20m-series-c-from-tether/)
- [Y Combinator, BlindPay profile](https://www.ycombinator.com/companies/blindpay)
- [LatamList, on Takenos' round (October 2025)](https://latamlist.com/takenos-raises-5m-seed-round-co-led-by-variant-and-lattice/)
- [LatamRepublic, on DolarApp's rebrand to ARQ and $70M round (March 2026)](https://www.latamrepublic.com/dolarapp-rebrands-as-arq-after-securing-us-70-m-from-sequoia-and-founders-fund/)

## Mentioned in the digest

- [August 2026 — the Dallas Fed study on deposit tokenization with Pix as the empirical anchor](https://stblcns.xyz/reports/State_of_Stablecoins_August_2026)
- [July 2026 — Hyundai's USDT treasury pilot between the US and Mexico](https://stblcns.xyz/reports/State_of_Stablecoins_July_2026)
- [June 2026 — Mastercard starts 24/7 stablecoin settlement in the US and Latin America](https://stblcns.xyz/reports/State_of_Stablecoins_June_2026)

Canonical: https://stblcns.xyz/en/wiki/infrastructure/latin-america