📢 Intervention – LATAM Digital Asset Conference
We are presented with stablecoins as innovation and regulated security. Circle, with USDC, under the GENIUS Law approved in the United States in 2025, promises open and programmable infrastructure. But behind that narrative there is a reality we cannot ignore:
Every USDC and USDT is backed by U.S. Treasury bonds. That means that every transaction in our region directly finances U.S. debt.
Japan is the largest holder of that debt, and now, with stablecoins, emerging countries like Argentina also end up supporting the same scheme, but invisibly and digitally.
The promise of global liquidity is attractive to institutions, but it means our capital flows are identified, tracked, and dependent on a centralized system that does not respond to our local needs.
The GENIUS Law ensures that the digital dollar has a regulated and secure framework… for the United States. For us, it means more dependence on a foreign currency and less sovereignty over our monetary policies.
Blockchain and crypto were born as a response to that institutional control. Bitcoin and decentralized assets were designed to escape debt, central banks, and borders. If we replace our financial infrastructure with regulated stablecoins in New York, we are accepting that the future of our economies remains tied to another country’s deficit.
⚠️
Stablecoins are not technological neutrality: they are the Trojan horse of the traditional financial system. They sell us regulated security, but what really matters is dependency and exposure to external risks.
If we want Latin America to build a sovereign financial future, we must look beyond stablecoins and bet on truly decentralized assets that do not depend on anyone’s debt.
We are presented with stablecoins as innovation and regulated security. Circle, with USDC, under the GENIUS Law approved in the United States in 2025, promises open and programmable infrastructure. But behind that narrative there is a reality we cannot ignore:
Every USDC and USDT is backed by U.S. Treasury bonds. That means that every transaction in our region directly finances U.S. debt.
Japan is the largest holder of that debt, and now, with stablecoins, emerging countries like Argentina also end up supporting the same scheme, but invisibly and digitally.
The promise of global liquidity is attractive to institutions, but it means our capital flows are identified, tracked, and dependent on a centralized system that does not respond to our local needs.
The GENIUS Law ensures that the digital dollar has a regulated and secure framework… for the United States. For us, it means more dependence on a foreign currency and less sovereignty over our monetary policies.
Blockchain and crypto were born as a response to that institutional control. Bitcoin and decentralized assets were designed to escape debt, central banks, and borders. If we replace our financial infrastructure with regulated stablecoins in New York, we are accepting that the future of our economies remains tied to another country’s deficit.
⚠️
Stablecoins are not technological neutrality: they are the Trojan horse of the traditional financial system. They sell us regulated security, but what really matters is dependency and exposure to external risks.
If we want Latin America to build a sovereign financial future, we must look beyond stablecoins and bet on truly decentralized assets that do not depend on anyone’s debt.