The Stellar Development Foundation (SDF), the nonprofit organization supporting the development and growth of the Stellar network, reported annual growth metrics of Vibrant, a Stellar-based digital wallet offered by SDF’s subsidiary Sunship, Inc. From Q2 2023 to Q2 2024, Vibrant experienced a 282% increase in monthly active users globally. During this time, monthly transactions, which include inflows, outflows, and asset swaps, grew 186%.
The adoption of the Vibrant digital wallet is being led by countries with high inflation rates, particularly in Latin America. Argentina has the highest rate of Vibrant users globally, accounting for 93% of Vibrant’s user base. Monthly transacting users in Argentina grew by 282% year-over-year from Q2 2023 to Q2 2024. Following Argentina, LATAM countries like Colombia, Nicaragua, Mexico, Paraguay, and El Salvador 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. While high inflation is a well-known issue in the country, Vibrant’s success is primarily driven by its user-centric approach and local partnerships which allows for a seamless user experience, enabling users to easily move funds from the traditional bank accounts but also local wallets like Mercado Pago.
“Vibrant was created to help people protect their hard-earned money by converting it to digital dollars,” said Min Lin, General Manager of the Vibrant Wallet. “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.”