Argentinian video game designer Daniel Benmergui works on his laptop in Buenos Aires on February 5. … (+)
Every month, Maria boarded a ferry in Buenos Aires for a 1.5-hour trip to Colonia, Uruguay. The trip was not a leisure trip. It was the only way she could get paid for her work as an independent contractor with European companies. Under Argentina’s strict capital controls, this arduous monthly pilgrimage was its lifeline to the global digital economy. “An entire day would be wasted just to get paid,” says Maria (name changed for confidentiality reasons). “It was exhausting, but we had no choice. The official systems just didn’t work for freelancers like me.”
From underground to mainstream: the rise of stablecoins in Buenos Aires
Fast forward to early 2024, and Buenos Aires presents a radically different picture. In trendy Palermo, signs announcing the acceptance of stablecoins – cryptocurrency tokens pegged to the US dollar – are as common as wine bars. This transformation reflects a broader global shift: stablecoins have gone from a crypto enthusiast experiment to a vital financial tool for millions of workers around the world.
“Independents have become one of the main markets for stablecoins” explains Martin Carricafounder of the stablecoin company Mountain protocol. “They represent a simple way for people around the world to receive and hold dollars, especially those facing capital controls or rapid depreciation of local currencies.”
The numbers don’t lie: Stablecoins are half of Visa’s volume
The figures confirm this popular adoption. A recent report co-written by Visa and Castle Island Ventures reveals that stable transaction volumes reached $450 billion per month, approximately half of Visa’s monthly processing volume of just over $1 trillion. This remarkable scale has attracted the attention of traditional financial institutions. Institutional adoption of stablecoins reached another milestone this month with Stripe acquisition for $1.1 billion from Bridge, a startup specializing in stablecoin payment infrastructures. Although the price tag has raised eyebrows given Bridge’s estimated revenue of between $10 million and $12 million, the strategic implications are profound. This acquisition signals recognition that the future of global payments could be radically different from its current state.
Remote.com is the leader in Stablecoins: 69 countries, a single payment solution
Today’s announcement from Remote.coma leading global HR platform, demonstrates how quickly this future is coming. The company revealed that entrepreneurs in 69 countries can now receive payments directly in USDC stablecoins via Stripe Connect. This development represents a significant shift from the origins of stablecoins as a popular solution to their emergence as a mainstream payment rail.
“One of the biggest hurdles businesses face when recruiting international talent is providing fast, flexible and reliable payments around the world,” says Job van der Voort, CEO and co-founder of Remote. “With the introduction of stable payments through Stripe, we are adding a feature that has been highly requested by our customers.” Van der Voort expects the impact to be particularly significant in emerging markets. “We believe this will benefit entrepreneurs based in countries like Colombia, Nigeria, El Salvador, Brazil, Argentina and Mexico – where we have seen significant growth this year,” he explains. “Demand is particularly strong in sectors like translation, media and entertainment, and technology, where international contracts are increasingly common.”
Beyond the private sector: government interest is growing
The appeal of stablecoins for global disbursements extends beyond the private sector. US government agencies have reportedly explored Bridge infrastructure for international payments, highlighting the technology’s potential to reshape traditional financial channels. For people like Maria, these developments are more than just a business strategy: they are life-changing. “What once took a whole day and a ferry ride can now be done in just a few clicks,” she reflects. “It’s not just about convenience, it’s also about controlling our own economic lives.”
The future is already here
Approaching global stablecoin market cap 200 billion dollars2025 promises to be a pivotal year for this technology. The convergence of popular adoption, corporate investment, and institutional implementation suggests that stablecoins are no longer just an alternative to traditional finance – they are becoming an integral part of it.
The journey from Maria’s ferry crossings to Remote.com’s global payments network illustrates how quickly financial technology can evolve when it solves real problems for real people. As traditional financial institutions continue to adopt stablecoin infrastructure, the line between crypto innovation and traditional finance is becoming increasingly blurred. For the millions of freelancers and entrepreneurs around the world who have struggled with traditional payment systems, this blurring represents a clearer path to financial freedom.