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- 🌎 How is Solana shaping the future of crypto in Latam?
🌎 How is Solana shaping the future of crypto in Latam?
Real solutions for real problems
Frontera EC & Abraham Rivv
February 07, 2025
👋 Hi welcome to Frontera, the newsletter dedicated to showcasing the reality of crypto in Latam. Join industry leaders from The Ethereum Foundation, The Solana Foundation, Binance, Crypto.com, dYdX and others to understand how Latin America has become one of the most dynamic and promising markets in the crypto world and how you can address this market.
Frontera subs last edition: 134
Frontera subs this edition: 135
If you want to build products, invest, or grow in LATAM, this is your place.
You can listen the full episode here.
This edition is presented by Bando
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How is Solana helping Latam?
In this newsletter, we want to tell you how our beloved Latin America is benefiting from the tech developed within the Solana ecosystem.
From everyday things like payments to cutting-edge innovations like DePIN.
💳 Fast and low-cost payments with Solana
Taco stands in Mexico City can now settle payments in USDC within seconds, with lower fees than traditional credit card payments. Delivery drivers in Colombia can earn crypto rewards for mapping urban infrastructure.
I know it sounds like a typical future utopia, but no, this is not a speculative promise—it’s already becoming a reality in 2025 across many parts of LATAM, where Solana’s ecosystem offers solutions that traditional finance can’t match.
What’s driving crypto adoption?
42.5% year-over-year growth of crypto in LATAM, now the second-largest crypto economy in the world.
$11.1B in stablecoins on Solana, with USDC dominating 78%.
52.8% of Mexicans still lack access to banking services, but 89% own a smartphone.
Solana apps are bridging gaps with fast transactions, instant stablecoin settlements, and almost-zero fees.
🔁 Changing the payments and remittance game
In countries like Argentina, where inflation hit 118% in 2024, Solana-based stablecoins have become a lifeline to preserve the value of money. Users can start on the Solana network by downloading wallets like Phantom, Solflare, or Backpack.
Also, Bitso, one of LATAM’s leading crypto exchanges, now supports USDC on the Solana network, facilitating stablecoin transactions throughout the region.
It’s worth mentioning that Bitso processed over $6.5 billion in remittances in 2024 through the Mexico-US corridor, showing that stablecoins are ESSENTIAL for the region.
Other players like Decaf Wallet are leading the integration between crypto and everyday transactions.
Their non-custodial wallet allows users to send stablecoins to over 184 countries and withdraw USDC in more than 15,000 OXXO stores in Mexico with minimal fees. As Fernanda Orduña Rangel, co-founder of Decaf, explains:
“We want to bring the next billion people to Solana and blockchain. With Decaf, you can exchange your stablecoins for almost any currency.”
And the impact goes beyond personal finance… 👀
Venta, another Solana-based project, is revolutionizing point-of-sale systems for small businesses. They process over 12,000 transactions daily with near-instant settlements via Solana Pay, allowing taco stands and local shops to accept crypto payments just as easily as cash.
The payment and remittance game is changing, all thanks to stablecoins and the speed Solana offers.
💡 An innovation for tomorrow’s infrastructure: DePIN
Decentralized Physical Infrastructure Networks (DePIN) on Solana are closing critical gaps in LATAM’s digital infrastructure. These projects incentivize individuals to contribute to shared infrastructures, generating economic opportunities while solving real-world problems.
The biggest example is Helium, which migrated to Solana in 2023, expanding access to affordable internet in the region.
Through its parent company Nova Labs, it partnered with Telefónica to launch Helium Mobile Hotspots in Mexico City and Oaxaca, extending Telefónica’s coverage and allowing users to contribute to the network and earn rewards by operating their own hotspots.
Hivemapper is transforming mapping services.
Both professional and casual drivers can contribute to the network and earn Solana tokens using devices like the Hivemapper Bee. In cities where urban development outpaces the ability to update official maps, the Hivemapper community has already mapped over 19% of the world’s streets, providing real-time data for delivery services and urban planning.
Start testing it out:
Start with Decaf: Download the Decaf wallet to convert between local currencies and USDC, with withdrawal options at thousands of locations.
Buy with Solana Pay: Look for businesses like Rifados Taquería in Mexico City (great test if you’re going to APEX) using the Venta point-of-sale system to pay with USDC or SOL.
Earn passive income: Consider operating a Helium hotspot to provide 5G coverage and earn rewards.
Contribute to mapping: Join the Hivemapper community by installing their camera and earning HONEY tokens for mapping your local area.
You don’t have to try them all, but at least one should be interesting (I’ll check out that taco stand this weekend, haha).
🇲🇽 See you at SOLANA APEX!
The next Solana APEX will be in Mexico City (February 7, 2025) and it will be a KEY moment to connect: developers, entrepreneurs, and lawmakers will meet to showcase real-world blockchain apps and chart the path for greater adoption across Latin America.
You can register for free here.
To finish, just a reminder: as LATAM continues to adopt crypto-based solutions, Solana’s ecosystem will remain poised to play a key role in reshaping the region’s financial landscape, providing fast, accessible, and affordable tools for payments, savings, and infrastructure development.
Solana is offering two things:
An alternative to traditional systems.
The foundation for a more inclusive and resilient economic future.
See you at APEX!
📰 Latam Crypto News 📰
Key crypto stories in LATAM this week
El Salvador and Argentina have agreed to accelerate their collaboration on digital asset regulation, focusing on knowledge sharing and refining regulatory frameworks to boost crypto adoption.
Binance’s regional VP highlights LATAM’s growing demand for crypto tools, with 50% of users investing for long-term savings. 95% believe crypto adoption will rise in the next 5 years.
🇧🇷 Brazil
The Central Bank extended the deadline for public input on regulations (108, 109 and 110) for VASPs and BaaS until Feb 28, aiming for a deeper debate. The stablecoin rules generated controversy.
Tether’s CEO Paolo Ardoino criticized Brazil’s proposed regulations for stablecoins, urging the government to avoid restricting financial freedom and instead collaborate with the population.
Bitcoin’s Layer 2 solutions will be integrated with Brazil’s Pix payment system through a partnership, allowing seamless transactions with Bitcoin and stablecoins like USDT, reducing transaction costs.
🇦🇷 Argentina
Javier Milei met with Hayden Mark Davis, a little-known crypto advisor, to discuss the potential of blockchain and AI in shaping Argentina’s digital future. Davis, linked to Kelsier Ventures, emphasized the importance of decentralization and innovation in the country’s economy.
🇵🇾 Paraguay
Paraguay is positioning itself as a digital asset hub, thanks to its abundant renewable energy and new regulations in place, with potential to attract over $4 billion in crypto investments.
Hive Digital has acquired a 200 MW Bitcoin mining facility from Bitfarms in Paraguay, expanding its crypto mining operations in a country rich in renewable energy resources.
🇸🇻 El Salvador
El Salvador’s Legislative Assembly has reformed the Bitcoin Law, removing the obligation to accept Bitcoin as payment and reducing its role in the national economy.
See u next Friday!