Argentina: the tokens changed, and one shape is unexplained

Three Argentine peso stablecoins appear in this data. Across the whole period nARS carries 61.5% of settled value and nuARS 34.0%, but that is a historical picture, not a current one: nuARS stops in December 2025, nARS falls to a few thousand dollars a week, and wARS carries almost all recent settlement.

This chart is built from official-rate conversions, so it understates Argentine value by the parallel-market gap. The three-rate panel, official, MEP and CCL side by side, is not built yet, because this database holds official rates only. It is the named next addition.

One shape here is not explained. In January 2026 the Argentine transfer count rose 6.9 times, from 48,944 to 338,823, while dollar volume stayed flat, taking the average transfer from about $51 to about $9.

It is not a decimals fault: a wrong exponent would be constant across months, and this is not. An airdrop, a dust campaign or a single contract would each produce this shape. Which one it was is unidentified as of 2026-08-19.