CoinDesk Podcast Network Stablecoins, Survival and Trust in Emerging Markets | Markets Outlook
Sep 17, 2025
Justin Norman, Founder of The Flip and documentary filmmaker, shares fascinating insights into stablecoin adoption in emerging markets. He delves into Argentina's complex dollar preference shaped by trust and taxation. The conversation explores how Bolivia's economy uses stablecoins to address dollar shortages. Justin highlights the differing realities and perceptions surrounding stablecoins in these regions, emphasizing the importance of a bottom-up approach to understanding their impact.
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Stablecoins Vary By Market
- Stablecoins act as a default global technology but solve different local problems market by market.
- Justin Norman stresses a bottom-up, nuanced approach to understand real use cases in each country.
Argentina Felt More Fiat Than On-Chain
- In Argentina Justin expected visible on-chain usage but found most people spending in pesos and off-ramping to fiat.
- He left believing the future is an entanglement of stablecoin and fiat use, not pure on-chain economies.
Drivers Beyond Hyperinflation
- Hyperinflation is often cited but isn't always the main driver of dollarization or stablecoin use.
- Justin Norman found factors like taxation and distrust of government often outrank inflation in driving dollar preference.