Stablecoin liquidity in Latin America may depend on a small group of providers. A study conducted by Varys Capital and Verda Ventures analyzed 494 companies in the region but identified only 16 whose primary focus is providing wholesale stablecoin liquidity to fiat currencies, corporate treasury, and loans. The report warns that "fragility in the system is concentrated in its thin layer."
According to Amit Chu, a partner at Verda Ventures, the stablecoin payment ecosystem in Latin America could face disruptions if a key provider loses access to banking services. He noted that "the problem will be at the exits. Spreads will widen, withdrawals to local bank accounts will slow or halt, and funds in transit with a non-operational desk may get stuck." According to a September report by Chainalysis, as of June 2026, stablecoins accounted for 32.1% of cross-border crypto value, 22.1% of domestic P2P activity, and 17.6% of personal wallet balances in the region. Chu emphasized that any disruption in the operation of a key provider would leave users with stablecoins, resulting in higher costs or delays in converting to local currency.
Despite pointing out liquidity concentration, the report does not establish the level of concentration itself. Chu also added that "mature FX markets also have significantly fewer dealers than firms dealing with clients. The presence of backup players and capital is important." He suggested that each major currency should have several independent, well-capitalized desks with separate banking relationships. The report identifies Latin America as a growth area, especially for businesses engaged in cross-border payments, highlighting that fragmented banking systems and high fees create demand for services that facilitate transfers between countries.
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