# Crypto Report 2025 **By Lemon** --- ## Introduction 2025 marked the year in which Bitcoin moved beyond the traditional crypto cycle and ultimately consolidated its position as an institutional asset. Market enthusiasm moderated, the term "crypto" lost prominence, and the broader conversation around it became less aspirational. Nevertheless, one segment continued to grow uninterrupted: **stablecoins**. And not merely as a store of value, but as infrastructure enabling new and more efficient use cases. Like the story of the internet, when technology becomes embedded in everyday life, it fades into the background. Just as we send emails today without understanding DNS, tomorrow we will send money anywhere in the world without needing to understand crypto. Today, **Latin America plays a leading role in this transformation**, standing out as one of the fastest-growing markets globally. However, the region is far from homogeneous. Different economies coexist alongside diverse regulatory frameworks and financial systems that, depending on the country, are more or less interconnected. This diversity drives adoption to take different forms within the same region and continues to position Latin America as one of the most promising environments for innovation. Through data and real stories, this report portrays the journey of millions of Latin Americans who found in Bitcoin — and in crypto more broadly — a way to use their money with greater freedom. It places at the center those who made it possible for this technology to move beyond a niche audience and begin integrating into the new global economy. --- ## Contents 1. Executive Summary 2. State of the Industry in Latin America 3. State of the Industry in Argentina - 3.1 Crypto adoption in Argentina - 3.2 Competitive landscape - 3.3 Regulatory framework 4. State of the Industry in Peru - 4.1 Crypto adoption in Peru - 4.2 Competitive landscape - 4.3 Regulatory framework 5. Lemon Pulse — Data and Transparency 6. Trends for 2026 - 6.1 Tokenized equities (by MIT Sloan G-LAB) - 6.2 Prediction markets - 6.3 Crypto is no longer the headline --- ## Chapter 1 — Executive Summary - Latin America recorded more than **USD 730 billion** in crypto transaction volume in 2025, with year-over-year growth exceeding **60%**. - Monthly active users in the region grew **3 times faster** than in the United States. - Argentina leads in per capita adoption: **12% of the population** actively uses crypto. - The milestone of the year was **PIX**: Argentines paying in Brazil using crypto without realizing it. - **Stablecoins** evolved from a store of value into everyday financial infrastructure. - Lemon grew **67%** in users, going from 3.3 to 5.5 million across Latin America. --- ## Chapter 2 — State of the Industry in Latin America ### Latin America grows more than the U.S. Each year, Latin America stands out as one of the fastest-growing crypto markets globally. In 2025, the region recorded more than **USD 730 billion** in crypto transaction volume received *(Source: 2025 Geography of Crypto Report, Chainalysis)*, representing year-over-year growth exceeding **60%** and accounting for **10% of total global crypto volume processed**. However, growth is not driven by volume alone. In 2025, monthly active users in Latin America grew **three times faster than in the United States**, increasing by approximately **18% compared to the prior year**. Only three of the twenty countries with the highest crypto adoption worldwide are in the region: **Brazil, Argentina, and Venezuela**. ### Key markets | Country | Volume received | Annual growth | |---|---|---| | Brazil | USD 318.8 billion | ~250% | | Argentina | USD 93.9 billion | ~3% | | Peru | Top 6 in the region | >20% | - **Brazil** leads Latin America, driven primarily by institutional transactions. - **Argentina** ranks second in volume and first in monthly active users per capita. - **Peru** surpassed Chile in transactional volume, moving up one position compared to 2024. > App downloads across the region declined 9%, yet the total crypto app user base in Latin America **grew 18%** during 2025. ### One region, three models **Model 1 — Store of value (Argentina, Venezuela)** In markets with sustained currency depreciation, crypto usage tends to be more closely tied to savings and store-of-value behavior. **Model 2 — Institutional volume (Brazil, Mexico)** Adoption is driven primarily by institutional volume and market speculation. Regulatory frameworks enabled large banks and financial institutions to offer crypto trading services, unlocking new use cases such as remittances. **Model 3 — Financial efficiency (Peru, Colombia)** With more stable economies, adoption is linked to accessing better financial solutions and achieving higher returns than those available in local currency. ### Which apps are leading crypto adoption in Latin America? | App | Market share (monthly active users) | |---|---| | Binance | 55% | | Lemon | 13.4% | | Bitso | 6.6% | | Belo | 4.8% | *Metric: Monthly active users | Countries: Argentina, Peru, Uruguay, Brazil, Colombia, Mexico, Chile, Ecuador, Venezuela | Apps included: Binance, Lemon Cash, Bitso, Mercado Bitcoin, Coinbase, Crypto.com, Ripio, Buenbit, NovaDAX, Foxbit, Buda, belo, BingX, OKX, KuCoin, Takenos | Source: Sensor Tower* With more than **3.2 million active users in 2025** and over **5.5 million total downloads**, Lemon is the leading locally founded company in the region. --- ## Chapter 3 — State of the Industry in Argentina ### 3.1 Crypto adoption in Argentina In 2025, Argentina recorded its **lowest inflation rate in the past eight years**, at approximately **37% annually**, three times lower than the prior year. At the same time, the government lifted foreign exchange controls and adopted a managed float regime, allowing Argentines to freely buy and sell official U.S. dollars within a predetermined price range. Even so, **there are four times more people using crypto in the country than in 2021**. #### Crypto is no longer the headline After two years of declining inflation and greater exchange-rate predictability, risk perception in the country shifted. Both local companies and individuals began identifying new crypto use cases beyond savings and store-of-value strategies. #### PIX: the use case that changed everything One of the most emblematic cases was **PIX**. By using crypto (USDT), Argentine fintech companies connected to Brazil's most widely used payment system. As a result, millions of Argentines can now pay Brazilian merchants as if they were locals, without withholdings, cards, or reais — directly using Argentine pesos. - Argentina recorded **5.4 million crypto app downloads** in 2025. - More than **90%** corresponded to wallets that implemented PIX payments in Brazil. - The historical peak in downloads occurred in **January 2025**, exceeding by 80% the previous Bitcoin all-time high of USD 126,000 and surpassing the record set during the 2021 bull market. - Although it took four years to surpass the previous record, average monthly active users in 2025 were **four times higher** than in 2021. *Metric: Crypto app downloads and monthly active users | Country: Argentina | Apps included: Binance, Lemon Cash, Bitso, Coinbase, Crypto.com, Ripio, Buenbit, Buda, belo, BingX, OKX, KuCoin, Takenos | Source: Sensor Tower* #### From users to economists: Argentines traded the peso against the digital dollar In April 2025, the Central Bank of Argentina allowed the buying and selling of official bank dollars within a range of ARS 1,000 to ARS 1,400, intervening when the exchange rate approached either bound. This framework encouraged Argentines to trade the peso against the digital dollar (USDC–USDT): buying near the lower bound and selling near the upper bound, reflecting a high degree of **financial sophistication** in asset management. As a market that operates **24/7**, including weekends and holidays, the crypto dollar became the opening benchmark for the Argentine market. **Top three hours with the highest digital dollar trading volume on Lemon:** 1. 8 PM 2. 10 AM 3. 9 PM **Notable usage spikes:** - 11/19/2023 — Presidential elections - 04/14/2025 — Lifting of capital controls - 10/27/2025 — Legislative elections > Crypto app usage grew **50% compared to the 2023 presidential elections**, reinforcing crypto's role during periods of economic uncertainty. #### From savings to infrastructure In Argentina, stablecoins were initially viewed as a store of value against inflation and currency devaluation. Today, they are much more: a gateway to a new way of moving, receiving, and investing money, with crypto serving as the underlying technology. Use cases built on this foundation: | Product | Description | |---|---| | **Cross-border payments (PIX)** | Pay in Brazil as a local, directly from an Argentine app | | **Dollar on- and off-ramps** | Deposit or withdraw bank dollars, credited instantly as USDC | | **Foreign USD or EUR accounts** | Receive deposits from U.S. or European banks (ACH/SWIFT/SEPA), credited as USDC | | **Yield (Earn)** | Connect digital dollar balances to decentralized protocols | Total stablecoin volume processed on Lemon grew **45% year over year** and, even after the lifting of exchange restrictions, reached new all-time highs. #### Argentines hold more Bitcoin than dollars During each sharp decline in Bitcoin's price, rather than mirroring global market panic, Argentines behave like seasoned investors: **buying volume on Lemon spikes**, displaying a clear accumulation mindset. During strong price rallies, Bitcoin selling volume increases, reflecting profit-taking behavior. Over time, the number of unique users holding Bitcoin on Lemon continues to grow, reinforcing the asset's role as a **long-term store of value**. ### 3.2 Competitive landscape **Binance and Lemon are the two market leaders in Argentina**, together accounting for an average of **70% of active sessions** throughout 2025, with approximately **35% each**. During the first and last quarters, locally founded companies increased their market share, driven by app usage for PIX payments, in contrast to periods more closely tied to Bitcoin price movements. *Metric: Monthly active users | Country: Argentina | Apps included: Binance, Lemon Cash, Bitso, Coinbase, Ripio, Buenbit, Belo, Bybit | Source: Sensor Tower* ### 3.3 Regulatory framework in Argentina During 2025, the regulatory framework applicable to the cryptoasset industry in Argentina consolidated the advances of prior years, aimed at strengthening legal certainty, transparency, and user protection. #### Consolidation of the VASP registry under the CNV The transition period concluded for companies already operating with cryptoassets in Argentina to register with the **Argentine National Securities Commission (CNV)**, consolidating the CNV's role as the registration and supervisory authority. This measure requires all domestic and international exchanges to register as **Virtual Asset Service Providers (VASPs)** with the CNV to operate in Argentina. Registration entails: - Corporate disclosure obligations - Identification of beneficial owners - Implementation of compliance policies and subjection to supervisory and audit processes #### Regulation of RWAs and sandbox frameworks In 2025, the CNV enabled a regulatory framework allowing VASPs to offer **tokens backed by real-world assets (RWAs)** — such as real estate, machinery, or primary commodities — within regulatory sandbox environments. Key regulatory milestones: - **June 12, 2025** — CNV issued General Resolution No. 1069, incorporating Title XXII on asset tokenization. - **August 21, 2025** — CNV issued General Resolution No. 1081, initiating "Phase II" of the tokenization regulatory framework. These regulations enabled: 1. Expansion of marketable securities that may be represented digitally (shares, corporate bonds, CEDEARs). 2. Designation of VASPs as custodians of these tokens. 3. Introduction of replacement and arbitration mechanisms between traditional and digital securities. #### Tax cooperation: the CARF model Argentina committed to adhering to the **Crypto-Asset Reporting Framework (CARF)**, a multilateral international tax cooperation mechanism developed by the OECD, establishing reporting obligations for cryptoasset service providers (exchanges, brokers, and custodians). > At present, Argentina is not listed among the signatories of the CARF-MCAA. As a result, automatic information exchange under CARF would not be activated until the country formally completes its accession. #### Tax on bank debits and credits The tax on bank debits and credits continues to be one of the main items on the agenda for the crypto industry. Its application to movements linked to crypto operations remains fully in force, generating a **direct impact on operating costs** and creating an inequitable clause for the ecosystem. #### Tax reform: the sector's proposal Together with the **Argentine Chamber of Fintech**, Lemon is actively promoting a new tax framework that includes: - Exemption from **personal assets tax** for cryptocurrencies. - **Income tax exemption** on gains from the purchase and sale of cryptocurrencies traded on regulated exchanges. - Elimination of **taxes on bank account movements** linked to cryptocurrency transactions. > Argentina continues to have the structural conditions to consolidate itself as a regional hub for crypto and blockchain innovation. The evolution of a clear, predictable regulatory and tax framework focused on user protection will be decisive in transforming the country's high level of adoption into a sustainable long-term competitive advantage. --- ## Chapter 4 — State of the Industry in Peru ### 4.1 Crypto adoption in Peru Over the past two years, Peru evolved from an emerging market to positioning itself among the **six largest markets in Latin America** in terms of cryptocurrency value received, surpassing Chile compared to 2024. It also consolidated its position as the **fastest-growing country in monthly active users per capita**, doubling the total number of people using crypto apps nationwide. This growth was not driven by monetary instability, but rather by the **search for new and more efficient ways to move and use money**. #### Interoperability: the catalyst for the Peruvian market Following the approval of interoperability at the end of 2024, driven by the **Central Reserve Bank of Peru (BCRP)** and the **Chamber of Electronic Compensation (CCE)**, money transfers between banks and digital wallets were enabled for the first time. Throughout 2025, more than **540 million transactions** were recorded between fintech platforms and banks, representing year-over-year growth exceeding **120%**. *Source: Public data from the Chamber of Electronic Compensation (CCE)* #### Downloads and adoption - In 2025 alone, more than **2.9 million crypto app downloads** were recorded in Peru, representing 50% growth compared to 2024. - **1 in every 2 downloads** was from Lemon. - Download spikes coincided with Bitcoin reaching new all-time highs. #### The digital dollar as the preferred asset **80% of crypto purchases in Peru are digital dollars**. With the appreciation of the Peruvian sol against the U.S. dollar, crypto is positioned less as a store of value and more as a **financial efficiency tool**. Peruvian users primarily seek **yield** that traditional options in soles or dollars fail to provide. As a result, a growing number of users purchase digital dollars and allocate them to earn yield in wallets like Lemon. When paying via QR code or card, however, **soles (fiat)** are typically the first asset used, ahead of digital dollars or Bitcoin. ### 4.2 Competitive landscape in Peru | App | Market share (active sessions 2025) | |---|---| | Lemon | 40% | | Binance | 36% | | Prexpe | 20% | | Ligo | 4% | **Lemon leads the Peruvian market** with 40% of active sessions throughout the year. ### 4.3 Regulatory framework in Peru Peru has been building, for several years, a regulatory framework that organizes and enables innovation in digital payments and digital assets. #### Historical milestones - **2013** — Regional pioneer with the enactment of an electronic money law. - **2024** — The SBS incorporated VASPs into the AML framework, aligning Peru with international FATF standards. The BCRP promoted interoperability between digital wallets, bank transfers, and QR-based payments. #### 2025 developments **Law No. 32413 (July 2025)** Allows public and private companies to pay salaries, bonuses, and other employment-related benefits through digital wallets, provided the wallet is linked to an entity supervised by the SBS. **Circular No. 0022-2025-BCRP** The BCRP approved the new Peruvian Payment System Regulation, promoting interoperability, transparency, and competition — creating more equitable conditions for fintech players to innovate and scale. #### What the industry needs to sustain progress - More agile integrations - Greater openness to innovative business models - More flexible mechanisms to launch new products, including integration with virtual assets and underlying blockchain technology > When market rules are clear, the impact is positive: the cost of capital declines, product roadmaps become more defined, and projects no longer depend on shifting regulatory interpretations. --- ## Chapter 5 — Lemon Pulse: Data and Transparency ### User growth Lemon grew **67% in users** during 2025, going from **3.3 million to 5.5 million** across Latin America, with more than **2.2 million new registrations in a single year**. **Distribution of growth:** - ~45% Argentina - ~45% Peru - ~10% Colombia and Brazil ### Trading volume: 10 consecutive quarters of growth - **USD 9.3 billion** in total volume processed (+60% vs. 2024) - Transactional users: nearly **1.8 million** (+70%) - Crypto purchase volume: +70% vs. prior year **Growth breakdown by asset:** - Digital dollars (stablecoins): +~100% (primary driver, largely via PIX) - Bitcoin: +20% - Altcoins: +40% (led by Ethereum) > The months with the highest BTC purchases were **February and November**, coinciding with the sharpest price declines in the asset. ### Deposits - Crypto deposits: +27% vs. prior year - Stablecoins within deposits: +33% - Most widely used network for digital dollar deposits: **BEP20** - **46% of foreign dollar deposits** originate from PayPal **Average deposit size per user:** - January 2025: USD 930/month - December 2025: USD 1,350/month Euro-denominated deposits also gained relevance, increasing from **9% in Q1** to over **15% in Q4**. ### Dollar deposits and withdrawals (banking ramp) During 2025, **78% of total volume** corresponded to deposits and 22% to withdrawals, with a marked spike during the election month. > There were **3 times more dollar deposits than withdrawals**. This feature seamlessly connects the banking system with the crypto ecosystem, using USDC as a bridge. ### Lemon Earn In June, a new version of **Lemon Earn** was launched with expanded investment options, the ability to allocate a portion of total balance, and improved interest rates through incentive programs. Available protocols: **Aave, Morpho, Spark, and Fluid**. While Aave remains the protocol with the largest amount of funds deposited, there was a migration toward **Morpho and Fluid** driven by incentive campaigns throughout the year. ### QR and card payments - During 2025, an average of **1 transaction per second** was recorded across both payment methods. - Cards account for the **largest share of payment volume**. - QR is more commonly used for **everyday expenses**. - **90% of QR and card payments are made in local currency (fiat)**. > Users typically prefer to spend the weaker currency first — which is why local currency is used before digital dollars or Bitcoin. ### Peso investment funds - More than **620,000 active accounts** in Argentine pesos invested in a mutual fund (FCI) of Banco Galicia through Lemon. - More than **ARS 22 billion invested daily** in Galicia's FIMA funds through Lemon. ### Mini-Apps in Lemon Lemon has evolved into an **open platform** where developers around the world can integrate their applications: prediction markets, games, and more. **Benefits of building a Mini-App on Lemon:** | Benefit | Description | |---|---| | **Legal support** | T&C template and Compliance team included | | **Secure custody** | Lemon handles custody; no VASP license required | | **Onboarding (KYC)** | Users arrive verified and ready to operate | | **FIAT ramp** | Access to existing ramps without custom integration | ### Lemon global data (end of 2025) | Metric | Value | |---|---| | Total users | +5.5 million | | Volume processed | +USD 9.3 billion | | Transactions per second | +7 | --- ## Chapter 6 — Trends for 2026 ### 6.1 Tokenized equities *(by MIT Sloan G-LAB)* In just one year, the **tokenization of real-world assets (RWAs)** evolved from a forward-looking promise into a market moving billions of dollars in crypto-based instruments linked to traditional financial assets. **Tokenized equities** are digital tokens issued on a blockchain that track or are backed by publicly traded shares. Similar to digital dollars (tokens backed by fiat currency), tokenized equities are blockchain-based instruments backed by shares or share-linked exposure. #### Growth in 2025 | Metric | Value | Growth | |---|---|---| | Total transfer volume | USD 6.4 billion | +22,503% vs. 2024 | | Total value of tokenized equities outstanding | USD 742 million | +155% vs. 2024 | *Source: app.rwa.xyz/stocks* #### Regulatory advances - **Ondo and Backed (xStocks)** received regulatory approval in the European Union. - **Dinari (dShares)** secured approval in the United States. - Large exchanges launched tokenized equity offerings in European markets, enabling access to more than 200 stocks and ETFs (Tesla, Alphabet, Circle, S&P 500, commodity ETFs, and more). #### Outlook for 2026 - **NYSE** announced on January 16, 2026, that it is developing a blockchain-enabled platform to trade tokenized securities. - **Nasdaq** made a similar announcement on September 8, 2025. - Both exchanges are targeting **24/7 trading** and are developing these platforms in coordination with the SEC. - **Brazil** announced the launch of a tokenized platform within its exchange infrastructure. - In Argentina, the **CNV enabled a sandbox framework** for the digital representation of negotiable instruments (shares, CEDEARs, etc.), extended through August 2026. > The expansion of RWAs has the potential to mark a structural shift in market capabilities. The pace of adoption will depend largely on how quickly standards converge, investor protections are strengthened, and regulatory clarity enables these instruments to scale globally. ### 6.2 Prediction markets In a world saturated with information, **prediction markets** emerge as a tool to distinguish signal from noise. These platforms allow thousands of participants to trade tokens representing the outcomes of future events — elections, inflation data, policy decisions, product launches — and assign economic value to their expectations. Prices fluctuate according to supply and demand among participants. **How do they work?** An event is structured around possible outcomes (e.g., "March inflation > 5%: Yes/No"). Participants buy and sell positions, and the resulting price converges toward an implied probability. If "Yes" trades at 0.62, the market is effectively assigning a **62% probability** to that outcome. The key difference from a survey is **incentive alignment**: when an individual's assessment is correct, their position increases in value. If they are wrong, the market imposes a financial cost. #### Results in 2025 - Platforms such as **Polymarket** reached an accuracy rate of **95.2%** during the most uncertain events of the year, exceeding all traditional forecasting methods. - More than **USD 20 billion** was processed across these platforms. *Source: The Block, Kalshi* > Through the internet, individuals share opinions. Through crypto, those opinions can acquire economic weight. ### 6.3 Crypto is no longer the headline #### The end of "crypto" as a separate category For years, crypto operated as a parallel universe with its own language, communities, and cultural norms. There were distinct cycles of euphoria: the ICO boom, DeFi Summer, NFT season, memecoins. However, throughout 2025, the idea of "crypto" as a separate industry, a distinct identity, and a standalone product category began to blur. The boundaries between crypto, fintech, payments, and capital markets became increasingly indistinguishable. When a technology reaches that stage, **it becomes invisible** — it stops being a topic of conversation and starts becoming part of everyday life. #### Today's crypto company is the dot-com company of the early 2000s The internet had its own euphoria cycle in the early 2000s. Eventually, "dot-com company" disappeared as a label — not because the internet failed, but because every company used it and it stopped being a differentiator. > In the coming years, there will likely be no more "crypto apps" or explicitly labeled "crypto products." Instead, there will be financial tools that allow users to invest, move, and use money globally in a simpler and more efficient way than ever imagined. #### From digital dollars to infrastructure In 2025 alone, total stablecoin market capitalization surpassed **USD 300 billion** and continues to grow. *Source: defillama* Global products built on stablecoins: - **USD or EUR accounts**: Users receive funds from the U.S. or Europe, credited as digital dollars (USDC). - **Dollar-denominated yield**: Daily returns earned in USDC through decentralized protocols. - **PIX payments in Brazil**: Users scan a QR code in Brazil and pay in Argentine pesos, with crypto operating in the background. - **Payments via QR and Visa card**: Each payment receives a percentage in Bitcoin as cashback. - **Tokenization of equities and negotiable instruments**: CNV sandbox framework enabled through August 2026. > All this runs on the same underlying infrastructure: crypto. Wallets like Lemon serve as the interface where money becomes usable in everyday life, across borders and in real time. --- ## Disclaimer This report is for informational and educational purposes only. Lemon guarantees the accuracy and completeness of data related to its own operations but does not make any guarantees about data from other entities. All information in this report may change at any time without notice. Reprinting or reproducing any part of this report requires prior written approval from Lemon. **MIT Sloan G-LAB**: This document includes findings from the 2026 project of the MIT Sloan School of Management – Global Entrepreneurship Lab (G-Lab), prepared by a team of students as part of an academic exercise. The views expressed are those of the authors and do not necessarily reflect the views of MIT, the MIT Sloan School of Management, or the G-Lab program, nor do they imply endorsement or sponsorship by any of these institutions. **Sensor Tower**: The mobile app estimates from Sensor Tower included in this report are based on its proprietary panel, third-party data sources, and data science modeling methodologies. As these figures are estimates, they do not necessarily reflect the actual performance metrics of the referenced mobile applications. © 2025 Lemon. All rights reserved.