The party of Argentine President Javier Millei is A surprising but decisive victory The country’s midterm parliamentary elections will be held on Sunday. And people concerned about the potential outcome of the election bought large quantities of US dollar stablecoins over the weekend, leading experts to point out that the use of the “cryptocurrency dollar” has increased significantly.
said Facundo Warning, head of Latin America at stablecoin issuer Agora and former Tether expansion manager in Argentina. decryption He said there has been a “noticeable increase in trading volume across the USD stablecoin vs. (Argentine peso) trading pair,” with Sunday’s trading volume conservatively estimated at $13.4 million.
Similarly, South American crypto apps lemon On Sunday, it had the third-highest daily trading volume in history, and by the time the results were announced at 9pm local time, it was the highest-ever hourly trading volume.
📉 The virtual currency dollar is $1350.
It’s already down more than $200 since 7pm yesterday.
We will continue to keep you informed. pic.twitter.com/9YbynFQxSH
— Lemon Argentina (@lemonapp_ar) October 27, 2025
The Argentine Peso is a notoriously unstable currency. It hit a record low of 1,491.50 pesos to the dollar on Friday. Reutersin spite of, $40 billion relief package From President Trump. However, some people seemed to feel that the peso would have fallen further if Milay’s right-wing party, La Libertad Avanza (LLA), had not won the most seats.
Mr. Millay’s radical economic plans and ties to Argentina have made him a polarizing figure in Argentina. corruption scandal—including the infamous ones Libra meme coin. Therefore, his Support rate His approval ratings have declined in recent months, making the midterm elections a make-or-break election in the eyes of many.
Santiago Vivanco, an Argentine who works in the financial industry, said: decryption He says he doesn’t know anyone who went to vote with a large sum of money in Argentine pesos.
Throughout the weekend, the left-wing party Union por la Patria had a 55% chance of winning the most seats. Polymarket. Mr. Vivanco predicted that the peso would collapse if Unión por la Patria wins, arguing that its leftist economic policies will have a negative impact on the peso.
Similarly, President Trump has stated that the U.S.waste timeTherefore, the public was buying USD stablecoins to avoid a potential crash.
It is important to note that Argentina’s exchange rate is not simple. There are multiple rates available at banks, including the “official rate,” but citizens can only withdraw $200 a month. An unofficial “brooder”, this is an improved exchange rate offered on street exchanges. And the “virtual currency dollar” is determined by supply and demand from stablecoins.
The big difference between these three rates is that formal banks and unofficial street exchanges close their doors during off-hours, while the crypto dollar never stops operating. Therefore, the crypto dollar is the best way to track the peso price, especially during the weekend elections.
“This action makes the crypto dollar more than just a savings tool,” a Lemon spokesperson said. decryption. “When traditional markets were offline, it became a real-time thermometer of Argentina’s economic and political trends.”
The valuation of the crypto dollar fluctuated as expectations changed, votes were counted, and the results became clear. Argentinians exchanged pesos for stablecoins and stablecoins for pesos in an attempt to make the most of their volatile local currency.
lemon dashboard Tracking the election showed that the local currency reached a low exchange rate of 1,572.50 Alps per virtual dollar around 2pm local time on Sunday. The situation changed rapidly as the results became clearer, hitting a high of 1,350 Alps per dollar at 10am on Monday.
“Over the weekend, the dollar initially rose dramatically, but after the results came in on Sunday, it fell sharply against the peso,” Warning said. decryption.
A Lemon spokesperson added: “This shows that market sentiment is optimistic.”
The market appears to be reacting favorably to Milay’s victory, with the peso appearing to be stronger on Monday than it was at Friday’s close.
