Vibrant, a Stellar network-based digital wallet enabling customers to send, receive, and withdraw funds with USDC, has reported extremely positive annual growth metrics, driven by areas with high inflation rates.
The Stellar Development Foundation (SDF), a nonprofit organisation supporting the development and growth of the Stellar network, reported this growth, revealing that between Q2 2023 and Q2 2024 Vibrant saw a 282 per cent increase in monthly active users.
During this period, monthly transactions, including inflows, outflows, and asset swaps, also grew 186 per cent. Adoption of the Vibrant digital wallet, which is offered by SDF’s subsidiary Sunship Inc, has been largely led by countries with high inflation rates, particularly in Latin America.
Argentina has the highest rate of Vibrant users globally, accounting for 93 per cent of Vibrant’s user base. Overall, monthly transacting users in Argentina grew by 282 per cent year-over-year. Following Argentina, LATAM countries like Colombia, Nicaragua, Mexico, and Paraguay, also show strong adoption rates.
The largest influx of Argentinian users and activity was notably observed following the country’s presidential election. Blockchain technology proves particularly effective in Argentina’s macroeconomic environment.
“Vibrant was created to help people protect their hard-earned money by converting it to digital dollars,” explained Min Lin, general manager of Vibrant. “Our mission is to harness the power of blockchain technology to provide real, tangible solutions for everyday Argentinians.
“By leveraging the stability of USDC, we aim to offer a reliable alternative that protects savings and empowers individuals to navigate these uncertain times with confidence. Our commitment is to ensure that everyone has access to financial tools that are both innovative and dependable, helping to improve daily life and economic stability across Argentina.”
While high inflation is a well-known issue in Argentina, Vibrant’s success is also driven by a user-centric approach and local partnerships, enabling users to easily move funds from traditional bank accounts but also local wallets like Mercado Pago.
