LATAM Stablecoin Liquidity Rests on Just 16 of 494 Firms, Report Warns

The finding matters less as a count of firms than as a map of where failure would propagate: wholesale liquidity, treasury and credit sit upstream of nearly every retail and payment use case built on stablecoins in the region. A provider base that thin means concentration risk is structural rather than cyclical, and it sits in the layer least visible to end users. Whether new entrants actually deepen that layer, or whether the same handful of firms simply grow larger, is the open question.