Argentine peso: How inflation and crypto are changing money in Argentina

Argentine peso, the official currency of Argentina, has suffered one of the worst cases of hyperinflation in modern history. Also known as ARS, it’s no longer a reliable store of value—many Argentines see it as a temporary medium of exchange, not savings. Since 2019, the peso has lost more than 90% of its value against the US dollar. Prices double in months. Salaries can’t keep up. Banks freeze withdrawals. People don’t trust the system anymore.

That’s why crypto isn’t a trend in Argentina—it’s survival. USDT, a stablecoin pegged to the US dollar. Also known as Tether, it’s become the de facto savings tool for millions. You can’t buy groceries with Bitcoin, but you can hold USDT on your phone and trade it for pesos on P2P platforms when you need cash. P2P crypto trading, peer-to-peer exchanges that connect buyers and sellers directly. Also known as local crypto trades, it bypasses banks entirely. Platforms like MEXC, Bybit, and Paxful let Argentines trade dollars for pesos without touching the financial system. Some even use DAI on Polygon to avoid the risks of centralized stablecoins.

The government bans crypto mining, restricts dollar purchases, and keeps printing pesos—but none of it stops the underground economy. People are trading crypto in parks, using WhatsApp to coordinate deals, and swapping USDT for cash in 24-hour convenience stores. It’s not about speculation anymore. It’s about feeding families, paying rent, and keeping businesses alive. This isn’t a crypto boom. It’s a currency collapse.

What you’ll find below are real stories from the front lines: how Argentines use crypto to survive sanctions, how stablecoins replaced USDT as the safer option, and why P2P trading is now the only banking system that works. No theory. No hype. Just what’s happening when the peso no longer means anything.