Argentines Hold More Bitcoin Than Stablecoins, Pesos Per Lemon

Bitcoin BTC $107 525 24h volatility: 2.3% Market cap: $2.14 T Vol. 24h: $63.51 B is the favorite currency by portfolio allocation to Argentine users of the financial app and crypto wallet Lemon, among 5 million registered accounts in Argentina and Peru. Data is from a private document shared by the Lemon team with Coinspeaker on November 3, 2025.

According to the up-to-date document, 34.54% of all reserves held by Lemon users are of BTC. The leading cryptocurrency is followed by stablecoins (25.71%) and Argentina’s fiat currency, pesos (21.19%). Ethereum ETH $3 661 24h volatility: 5.0% Market cap: $440.86 B Vol. 24h: $41.87 B , the second-largest cryptocurrency by market cap, is Lemon’s fourth most-held asset, with 10.61%. Solana SOL $170.0 24h volatility: 7.6% Market cap: $93.76 B Vol. 24h: $8.54 B and XRP XRP $2.38 24h volatility: 4.8% Market cap: $142.80 B Vol. 24h: $4.93 B together only account for 3.35%, with 1.95% and 1.40% each, respectively. Other assets sum up to 4.59%.

Proof of reserves snapshot on November 3, 2025 | Source: Lemon

Ramiro Menne, Crypto Research and Growth Analyst at Lemon, explained that the data we see today comes as a behavior change in Argentina—leading to a higher accumulation of Bitcoin and altcoins instead of dollar-pegged tokens like USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.58 B Vol. 24h: $10.49 B and USDT USDT $1.00 24h volatility: 0.0% Market cap: $183.44 B Vol. 24h: $126.13 B , which had seen a significant appeal in the past as “the most practical and liquid way to access the US dollar,” according to Menne.

In 2024, stablecoin purchases grew by 44.4%, while Bitcoin and altcoin purchases increased by 126% and 158.5%, respectively. Today, over 800,000 Lemon users hold at least a fraction of Bitcoin in their wallets, per the document. This accounts for nearly 23% of the reported 3.4 million Argentines using the product, according to a post by Ramiro Menne from October 26 on X.

Pay Via Lemon, Earn Bitcoin

When it comes to in-app transactions overall, pesos and stablecoins remain the most frequently used assets within Lemon, said Ramiro, “balancing convenience for daily spending with the stability and liquidity of digital dollars.” For everyday payments made with Lemon’s QR system or VISA card, users primarily spend pesos.

Since 2021, the cashback model has already distributed the equivalent of over $29 million in Bitcoin to its users, which could also explain the growing portfolio allocation on the platform that leads crypto adoption in Argentina and Peru with 1.2 million monthly active users.

While the signal is mostly favorable to cryptocurrencies in LATAM countries like Argentina that went through serious economic challenges, Bitcoin “OG” whales appear to be derisking from the asset, as reported by Coinspeaker earlier today. Nevertheless, high-conviction institutions like Michael Saylor’s Strategy continue to accumulate, buying $45.6 million worth of 397 BTC, disclosed this Monday.

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