As inflation in Argentina hits triple digits, citizens are turning to clandestine peer-to-peer cryptocurrency exchanges, known locally as "crypto caves," to purchase U.S. dollar stablecoins.

These underground exchanges offer an alternative to the stringent currency controls on the Argentine peso (ARS) and provide a haven from the volatility associated with traditional cryptocurrencies like Bitcoin (BTC).

According to Guillermo Escudero, the Strategic Alliances Manager for CryptoMarket, these crypto caves operate in secrecy, often hidden in unspecified locations, offering rates far more favorable than the official exchange channels.

With local banks unable to officially accept dollars, Argentines are increasingly relying on crypto wallets to store their assets in dollar-pegged stablecoins such as Tether (USDT), circumventing the financial instability that plagues their national currency.