For Argentinians and Brazilians, holding US dollars has been a household savings strategy for decades. Stablecoins moved that strategy onchain — first as a way to escape capital controls and currency depreciation, now as a way to earn yield on those same dollars. Chainalysis ranks Argentina and Brazil among the largest crypto economies in Latin America, with stablecoins making up an unusually large share of activity. The May 5, 2026 expansion of YLDS, Figure's SEC-registered yield-bearing stablecoin, to Stellar adds a third network for that audience to access US-rate yield on dollars they were already holding defensively.
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Long-running peso and real depreciation has pushed households toward dollars as a savings unit for decades. Stablecoins extend that habit onchain: they custody like a token, settle in seconds, and bypass the parallel-FX frictions that bank-held dollars face. Preservation comes first; yield is a new layer on top of that defensive position.
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Argentina's central bank (BCRA) and the IMF's World Economic Outlook document a multi-decade pattern of peso depreciation and high inflation. Brazil's Banco Central do Brasil targets inflation through a different regime, but the real has still seen meaningful long-run depreciation against the dollar. Specific numbers shift quarter to quarter — readers should pull current figures from the central bank source pages before quoting any rate.
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The behavioral consequence is the same in both countries: a meaningful share of household savings sits in dollars, often in cash or offshore accounts. Chainalysis's Geography of Cryptocurrency reports show stablecoins making up a larger share of crypto activity in Argentina and Brazil than in most other markets — consistent with stablecoins functioning as a digital dollar wrapper rather than a speculative asset.
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A typical LATAM saver moves through three layers to reach onchain yield. First, fiat onramp: pesos or reais into a regulated local exchange. Second, conversion into a USD stablecoin. Third, an optional swap from a non-yielding stablecoin into a yield-bearing token. Each step has its own fees, custody assumption, and exit path back to local currency.
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The first two layers are well-established. The third is newer. Yield-bearing tokens like YLDS, Ondo's USDY, and Franklin Templeton's BENJI route holders into short-duration US Treasuries (or, in BENJI's case, a registered money-market fund) and pass the interest through onchain. For a saver already holding USDC or USDT defensively, the swap turns a non-yielding position into a yield-earning one — assuming the token is reachable from the platform they already use.
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The savings choice is not just yield-vs-no-yield. Access (which onramps and networks support each token), liquidity (how easily it converts back to local currency), and risk profile differ across the four. The table below summarizes the trade-offs.

Two patterns fall out of the table. USDC and USDT are still the right tools for the spend layer because their FX pairs are deepest. Yield-bearing tokens like YLDS and USDY belong in the savings layer, where the holder is willing to accept an extra hop on exit in exchange for ongoing yield. Compare structures in more depth in YLDS vs USDC and YLDS vs USDY vs BENJI.
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YLDS is multi-chain, but the network history matters for LATAM access. Figure first launched YLDS on Provenance Blockchain in February 2025, expanded to Solana in November 2025, and added Stellar on May 5, 2026. A LATAM platform that supports YLDS on one network does not necessarily support it on the others, so the saver's reachable surface depends on which network their wallet and onramp speak.
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Stellar is the most relevant network for LATAM because of its existing fintech and remittance footprint — it is the chain Franklin BENJI has used since 2021. Solana broadens the surface for users on Solana-native LATAM apps. Provenance remains the original issuance home but has the thinnest direct retail distribution. Until a given app explicitly lists YLDS on a specific network, assume it is not reachable through that path and verify on the platform's official asset list.
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Argentine crypto exchanges have built around stablecoin demand more aggressively than most global peers. Platforms commonly used by retail savers include Lemon and Buenbit, both locally regulated apps with peso onramps and stablecoin custody. Coverage of specific yield-bearing tokens like YLDS, USDY, or BENJI varies by platform and changes over time, so verify current support on each platform's official asset list.
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For YLDS specifically, the platform layer in LATAM is still being built out. Figure's launch framing positions Stellar's existing fintech and remittance partners as the early distribution path. Until a given app explicitly lists YLDS, the practical route for a self-custodial Argentine saver is to buy USDC on a supporting exchange, withdraw to a wallet on a network YLDS is live on (Provenance, Solana, or Stellar), and swap on a venue that lists the pair.
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Brazil's stablecoin path looks different because of PIX. The central bank's instant-payments rail makes fiat-to-exchange transfers nearly free and instant, compressing the cost of the first layer. Major Brazilian platforms like Mercado Bitcoin and Foxbit support PIX deposits and stablecoin withdrawal; both are also co-issuers of the BRL1 stablecoin. As with Argentina, yield-bearing token coverage varies by platform — verify on each platform's product pages.
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The structural advantage Brazil has is exit liquidity. PIX out is as fast as PIX in: a saver holding a yield-bearing stablecoin can swap back to USDC or USDT, sell into reais, and withdraw to a bank account in minutes. That round-trip latency is one of the things that makes a yield-bearing token usable as savings rather than a locked instrument.
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Both carry risk; the type of risk differs. USDC carries Circle-issuer risk and the operational risk of its reserve management. YLDS carries credit risk on Figure Certificate Company plus the regulatory protection of being an SEC-registered face-amount certificate, a structure with disclosure and oversight that conventional stablecoins do not have. Its yield, SOFR minus 0.50%, is publicly disclosed and accrues daily.
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For a saver in Argentina, the practical question is which risk they would rather hold for their savings layer versus their spend layer. USDC's deep liquidity and ubiquity make it the natural choice for funds that need to move. YLDS's regulatory wrapper and disclosed yield make it more comparable to a US-domiciled cash-equivalent product. A common pattern in regulated markets is to hold both: USDC for transactions, a yield-bearing instrument for the savings tranche. SEC-registered stablecoins explained goes deeper on the certificate structure.
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Crypto holdings are reportable in both countries, and the rules change frequently. Argentina's tax authority AFIP has published guidance on reporting crypto-asset holdings and gains. Brazil's Receita Federal requires residents to declare crypto holdings above certain thresholds and report gains. Yield earned on stablecoins generally maps to interest income, but classification varies by instrument and changes between filing periods. This article is not tax advice — consult a local accountant before relying on a specific treatment.
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The case for stablecoins in Argentina and Brazil was always defensive: hold dollars without the friction of bank-held dollars. Yield-bearing tokens reframe that as offensive: hold dollars and earn a US-rate return on them. YLDS — paying SOFR minus 0.50% under an SEC-registered wrapper — fits the savings use case more cleanly than DeFi yield, while USDC and USDT remain the right tools for the spend layer.
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This article draws on Chainalysis's Geography of Cryptocurrency reports for adoption context, BCRA and BCB for inflation and monetary data, the IMF World Economic Outlook for cross-country comparisons, Figure Markets' February 2025 YLDS launch documentation and Figure's November 2025 Solana announcement for product structure and yield, and the Stellar Development Foundation press release of May 5, 2026 for the Stellar deployment. Verify platform integrations on each platform's official site before transacting.
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