U.S. Treasury Secretary Scott Bessent stated that the U.S. government's investment in the Argentine peso had concluded successfully, with the repayment of American financial support and the elimination of U.S. holdings of Argentine pesos in its exchange stabilization fund. The U.S. had purchased the devaluing currency in September 2023 in an effort to stabilize the Argentine economy and bolster the political prospects of President Javier Milei's party ahead of midterm elections.

The intervention drew criticism from some Democrats, who alleged that Bessent was risking taxpayer funds in a nation known for its financial instability. Bessent defended the action, asserting that it ultimately benefited both the U.S. and Argentina. "Stabilizing a strong American ally and making tens of millions in profit for Americans is an America First homerun deal," he stated in a social media announcement.

The U.S. intervention occurred amid investor concerns about the peso's stability following previous elections and anxieties about the potential for Milei's party to underperform in the midterms. Bessent pledged to take necessary measures to stabilize the currency at the time.

The move was seen as a significant gamble, given Argentina's history of economic crises and currency fluctuations. The country has struggled with high inflation and debt for years, leading to periodic devaluations of the peso. The U.S. government's decision to intervene was intended to provide a buffer against further economic shocks and support Milei's economic reform agenda.

The U.S. Treasury has not disclosed the exact profit made from the peso stabilization effort. However, Bessent's statement indicates that the investment generated a significant return for American taxpayers. The withdrawal of U.S. support from the exchange stabilization fund suggests that the Argentine peso has stabilized, at least for the time being. The long-term effects of the U.S. intervention on the Argentine economy remain to be seen.