Argentines Pile Into Stablecoins to Score Quick Arbitrage Profit

As President Javier Milei tightens currency controls to prop up the peso ahead of midterm elections, Argentines like Ruben López are turning to cryptocurrencies to protect their savings.

A new strategy involves using stablecoins — digital tokens pegged one-to-one with the US currency — to take advantage of Argentina’s official exchange rate, which currently values the peso about 7% higher than the parallel market rate. The trade goes like this: buy dollars and immediately trade them in for stablecoins. Then, swap those tokens for cheaper market-rate pesos. The arbitrage play, also known as a “rulo,” can yield a quick profit ...