U.S. Treasury Secretary Scott Bessent said the U.S. gamble on Argentina's currency proved successful, with American financial support repaid and the U.S. no longer holding Argentine pesos in its exchange stabilization fund. The U.S. had purchased the plunging currency last year to prevent further economic turmoil and support President Javier Milei's party before national midterm elections.

Bessent described the move as a success, stating in a social media announcement that "Stabilizing a strong American ally and making tens of millions in profit for Americans is an America First homerun deal." The intervention occurred in September when many were selling off the peso, concerned about potential shocks following the elections and the possibility of Milei's party underperforming in the midterms. Bessent had pledged to do "what was needed" at the time.

The currency stabilization effort drew criticism from Democrats, who accused Bessent of risking taxpayer money in a nation known for financial instability. The U.S. intervention occurred amid concerns that Argentina's economic struggles could undermine Milei, who is considered a key ally of former U.S. President Donald Trump.

The U.S. move was intended to stabilize the peso in the face of investor uncertainty surrounding the midterm elections and Argentina's history of economic volatility. The exchange stabilization fund is a mechanism used by the U.S. Treasury to manage currency fluctuations and provide financial assistance to countries facing economic challenges. The specific amount of profit made by the U.S. on the deal has not been disclosed.