Investors in Uruguay are allocating a larger share of their wealth to peso-denominated Money Market funds and government bonds, boosting the safe-haven South American nation's efforts to reduce dependence on the US dollar. At least seven peso Money Market funds operate this year, roughly double the count in 2025. Brokerages Balanz and Puente and fintechs Mercado Libre Inc. and Prex are competing to capture growing appetite for Uruguayan peso cash.

All four launched Money Market funds investing in fixed-rate peso securities this year, a novelty for a country where the population saves predominantly in dollars.