Lemon’s third annual report, titled “State of the Crypto Industry”, identifies market trends associated with embedding crypto infrastructure into everyday services, particularly payments and transfers.
At the regional level, the report states that Latin America grew roughly three times faster than the United States in active crypto users during 2025. It also reports crypto volumes above USD 730 billion across the region, with year-on-year growth above 60%.
For Argentina, the report notes approximately 5.4 million crypto-app downloads in 2025, and indicates that more than 90% were linked to wallets enabling PIX payments in Brazil. In addition, it reports a 45% year-on-year increase in stablecoin volumes on platforms, with a larger share attributable to transactional use (payments and day-to-day operations).
The report further highlights Brazil’s 2025 performance, with more than USD 318.8 billion in crypto value received, mainly driven by institutional transactions. Regarding Argentina, it references regional leadership in monthly active users per capita and trading patterns around relevant price movements.
From a regulatory perspective, the presentation referenced recent steps by Argentine Exchange Commission (CNV)—including Resolutions 1069 and 1081—as well as tax-related matters affecting costs and legal certainty for market participants (e.g., the debits and credits tax and the broader tax treatment of cryptoassets).
