Argentine crypto exchange Ripio is increasing its focus on local currency stablecoins and tokenized sovereign debt as it prepares for what it expects will be a subdued year for broader crypto markets in 2026. CEO Sebastián Serrano described the coming year as likely to be “lateralized,” while expressing confidence that stablecoins will drive a decade-long expansion in tokenized finance across Latin America.
Founded in 2013, Ripio has evolved from a retail-focused exchange into a business-to-business infrastructure provider serving banks, fintech firms, and large platforms such as Mercado Libre. The company now issues its own dollar-backed stablecoin, Criptodólar (UXD), alongside a growing suite of local fiat-pegged tokens, including Argentina’s peso-backed wARS, Brazil’s wBRL, and Mexico’s wMXN.
Local Stablecoins and Tokenized Debt Use Cases
Ripio has also launched a tokenized version of Argentina’s most actively traded sovereign bond, AL30, which Serrano said saw more than one million units traded during the country’s October 2025 election weekend. He argues that highly liquid instruments such as government debt are natural early candidates for tokenization, following the initial adoption of dollar-backed stablecoins.
The local stablecoins are live across Ethereum, Base, and World Chain, with early transaction volumes showing gradual adoption. Ripio is targeting at least $100 million in assets under management for its local currency stablecoins by the end of the year. The firm is pairing these tokens with virtual local bank accounts to simplify onboarding and reduce foreign exchange friction for users entering crypto markets.
This approach reflects broader challenges in emerging markets, where converting local currency directly into dollar stablecoins often results in immediate FX losses. By allowing one-to-one conversion into peso- or real-backed tokens, Ripio aims to improve usability and lower barriers to entry for non-dollar economies.
Institutional Context and Long-Term Strategy
Serrano views local stablecoins as essential infrastructure for decentralized lending in countries where incomes and liabilities are denominated in local currencies. He argues that borrowing in dollar-pegged stablecoins introduces unnecessary FX risk for users in volatile monetary environments. Tokenized local debt and currency-backed stablecoins, he said, better reflect real economic conditions.
Ripio’s strategy also reflects a competitive pivot away from direct retail competition with global exchanges. Instead, the firm is positioning itself as a behind-the-scenes provider of tokenization and payments infrastructure. Against a backdrop of improving macroeconomic conditions in Argentina but limited domestic crypto policy focus, Ripio is aligning its growth with regional demand for stable, localized digital money.